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automation-insurance

Insurance sector in Sri Lanka – can embracing automation bolster its growth?

Insurance is one of many global industries to have witnessed a rapid transformation following the global pandemic outbreak. Health insurance incorporated Covid19 coverage to their products while the motor insurance industry transformed how claims are handled embracing the ‘new normal’ where travel and contact are restricted. This transformation was accomplished via automation (ie: by digitalizing) their services so that those services could be conveniently accessed by customers anywhere, anytime.


There are many insurance apps in the market today but one of the most well-received among them happens to be DigiEye which is a state-of-the-art platform that facilitates convenient processing of claims. Usually when an accident occurs, the policyholder and often the other party too are expected to wait for sometimes hours on the road until an agent arrives to the site to do an inspection. With DigiEye however the geolocation will be detected via GPS and the inspection can be handled through a livestream. Once the online inspection is completed, all parties can get on with the rest of their day. This truly is a welcome and revolutionary improvement to how insurance is usually perceived and consumed.


The application is easy to use and can be installed for free from App Store or Google Play. This offers a host of benefits to the policyholder including convenient monitoring of the status of a particular claim from start to finish. All documents such as the driving license, claim form, vehicle registration etc. can be submitted via the app where it will be stored for later retrieval. The app is accessible around the clock and facilitates routine work such as garage inspections & underwriting inspections as well.


A benefit of this service to the insurer is that it can be initiated with no initial investment and can be integrated with company’s existing systems and platforms. The interface is designed to be easy to navigate and is highly encrypted to ensure safety and confidentiality of documents submitted and transactions processed via the application.


Much like when buying an insurance policy, substantive prior research can aid with picking the best claims automation solution for a given insurance company. It is crucial to make sure the platform that is selected enhances productivity by making processes simpler without overwhelming staff as well as customers – which might be the case with certain highly sophisticated platforms.


Digitalizing motor claims can serve to reduce claims processing cost in numerous ways. Agents not having to physically visit the site of accident is a progressive step to minimalize carbon footprint supplemented by the paperless approach which is the future of how all industries will operate, aligning personal corporate priorities with the global priority of sustainability.


Insurance is conventionally perceived as being tedious but platforms such as these can serve to shift that perception and encourage the public to develop a healthy relationship with the respective industry. Auto insurance usually comes in 2 categories: Third Party & Full Option.


The insurance industry is optimistic that due to digitalization many will pursue insurance as an essential service, which it in fact is, as opposed to a hassle.