The Sri Lankan insurance industry has shown resilience during the Covid19 pandemic by embracing digitalization for delivery of services & this is common to general as well as motor insurance. Motor insurance was also impacted by the ban on imported vehicles but however remains afloat having adopted technology and strategies to deliver a better service even under challenging circumstances.
Managing Director of Fairfirst Insurance Limited Sanjiv Jha was quoted in a recent LMD article noting that greater emphasis must be placed on enhancing technical knowledge and skills: “I observe immense potential for attracting young blood into the sector by ramping up investment in insurtech, product innovation & data analytics.”
Currently the global motor insurance market is estimated to be over USD 880 bn (2019) and premiums from motor insurance accounted for more than 40% of the overall non-life insurance premiums in 2018.
Role of Tech in Motor Insurance:
When travel and contact are restricted during back-to-back lockdowns, insurers have to look for creative ways to continue delivering their services while ensuring optimum safety and convenience for clients. During the pandemic, insurers primarily catered to delivery services and other mobility providers and thus had to change their approach to be faster and more efficient.
DigiEye rose to prominence around this time as it is a platform that facilitates processing motor insurance claims entirely virtually. DigiEye is a platform for on-site motor claims assessment that simplifies the claims process thereby eliminating the need for spending hours on the road, waiting for an agent for a physical inspection, which has been the convention hitherto.
How does DigiEye work?
The platform has a pay-as-you-go model for upgrades. DigiEye facilitates live streaming as a means for assessing damage and enables the customer to submit all relevant documents to the insurer via the application itself which then holds said documents, acting as a virtual archive, for later retrieval. DigiEye can be navigated easily with a basic grasp on technology and can be easily adopted to cater to different inspection types such as accident inspections, vehicle repair inspection, underwriting inspections tc. ).
DigiEye, saves money and time for both the insurer & customer, can be integrated with existing platforms and performs routine work such as garage inspections and underwriting inspections digitally.
Sources: https://www.wsj.com/articles/businesses-expected-to-lean-on-automation-for-recovery-11589967002
https://www.mordorintelligence.com/industry-reports/global-motor-insurance-market