- Date : 16/02/2022
- Read: 4 mins
Worried about motor claims and renewals? Find out how tech trends can assist you through the process.
Technology trends are changing the world by delivering major enhancements in almost all sectors. The use of technology in the insurance sector has grown noticeable and has revolutionized the domain. The motor insurance sector is one such domain that has experienced the power of digitization. Digital platforms and services have succeeded in making claim processes and renewals fully virtual, thus reducing the consumer burden.
Motor Insurance with a blend of technology:
The rising population poses a high demand for vehicles, which has helped the motor insurance sector grow. According to the Motor Vehicle Act, driving a motor without insurance is a punishable offense hence a vehicle owner must purchase motor insurance. The motor insurance sector relies on evolving tech trends to provide faster service, quick insurance calculations, easy claim and renewal processing, secure payment methods, and cost-effective solutions.
Managing claims through efficient technology:
Claim management is a keystone for the motor insurance sector and requires monitoring throughout the claim processing lifecycle. The AI-powered (Artificial Intelligence) Chatbots are proving to be a boon for the insurance domain. These tech-buds are designed to assist you right from claim creation to settlements.
Chatbots are integrated into user-friendly apps and insurtech portals. The use of apps eases the process of filing a claim, uploading necessary documents, images, or videos for evidence, and receiving claim updates from anywhere and at any time. It improves the efficiency of the entire system and saves a lot of time, thereby leading to customer satisfaction.
The location-tracking feature in the apps enhances authentication and validation checks for the insurtechs by allowing the consumer to upload videos or images of the damaged vehicle and tag the location of the incident.
With the booming use of technology like Machine Learning (ML), Natural Language Processing (NLP), and Pattern Recognition, the insurance domain differentiates between valid and fraudulent claims easily. Bots can also be useful in resolving the claim settlements faster and sending notifications on claim status.
The entire automation process speeds up the insurance claim management lifecycle, is cost-efficient, and provides a hassle-free consumer experience.
Tech-trends processing renewals:
The traditional way of visiting offices, standing in long queues, or attending long phone calls for insurance renewals is a matter of the past. With technology developing day by day, it has become easy to renew insurance with just a few clicks.
The entire cumbersome journey of renewals is now available via easy-to-operate user apps and portals. You only need to log in to begin the transaction process and renew the insurance coverage at your end. All transactions are handled through secure payment gateways, which provide the customer with an acknowledgement receipt after successful completion. In case of transaction failures, the customer receives notifications accordingly. These systems also notify customers about timely renewals through apps and emails.
Chatbots can collect motor details securely and conveniently. In the case of a customer's lapsed motor insurance, the customer can capture and upload a video of the vehicle for inspection. The tech tools aid in creating intuitive renewal questionnaires in minutes and also help in managing user access controls.
Customer data requires proper maintenance so that customers can be notified about their renewals. Advanced technical solutions provide easy data management software tools that reduce human intervention.
Thus, evolving tech trends are easing the complicated process of insurance renewals.
Technology is the future for insurance:
As technology progresses faster, so do the domains dependent on it. Insurtechs are discovering ways in which technology can align insurance services as seamlessly as possible. As the Insurance Regulatory and Development Authority of India aims to build progressive growth of the insurance sector in India and to provide opportunities for different projects and speedy development, the future of the insurance domain is likely to get more technology-driven and convenient for all parties involved.