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Bajaj Allianz General Insurance: Transforming industry with first-of-its kind digital initiatives
Mobile app revolution has made our lives simpler and better. Be it education, medical, hospitality or travel, we can reach out to anything and everything with the help of our smartphones and PCs. However when it comes to insurance sector the lack of digitization is still giving end users a tough time. This will change with the new initiatives from Bajaj Allianz.
Hassle Free Insurance Process
In a bid to transform and simplify the customer experience throughout the insurance processes, Bajaj Allianz General Insurance has launched a slew of digital initiatives. These new age initiatives utilize modern tools of technology to bring down the claim settlement and customer service turnaround time to minutes, rather than days.
Let's have a look what Bajaj Allianz has to offer.
Bajaj Allianz has integrated this all new initiative in the company's Insurance Wallet app. The first-of its kind insurance tool notifies the customer on their payout eligibility in case of a flight delay.
Travel Ezee leverages the power of Blockchain technology to act proactively to solve user's problems. As a customer, all you need to do is click on the app notification to be directed to the claim application and fill in your account details. The claim amount will then be disbursed within minutes.
The Bajaj Allianz Insurance Wallet app is easy to use and allows you to buy, renew, claim and manage policy right from your smartphones.
What Bajaj Allianz has done is quite interesting. The company has utilized the BlockChain technology to take care of delays and pay the claim within minutes on receipt of account details from the customer.
It is worth noticing that the customer here does not need to go through the process of initiating the claim process; it is done by Bajaj Allianz. The company keeps a track of claim events and initiates the payout.
The application also transforms the travel insurance purchase process itself. The usually extensive process has been minimized into a 3-step process where customers just need to scan their boarding pass and passport or their flight ticket using the wallet app itself. The interface captures the details automatically and the customer then needs to select the plan and make the payment. The policy copy is sent to the registered email id instantly.
The new initiative makes the whole process much easier, less time consuming and keeps the customer in focus to improve the overall user experience.
MOTOR ON THE SPOT (MOTOR OTS)
Ever imagined to settle your motor insurance claim with your smartphone? Bajaj has made it possible with the revolutionary 'Motor On The Spot' service.
Motor OTS empowers customers to register, as well self-inspect their motor insurance claims of up to Rs. 20,000 through the Insurance Wallet app. This service has been designed to bring down the claim settlement period,which usually takes at least 7 days to settle, to less than 30 minutes.
In the non-digitalized process, the claimant has to submit original hard copies of claim documents which is followed by a physical inspection of the vehicle by an authorized motor surveyor.
Basis the report submitted by the surveyor the claim is assessed. With the new feature built right in the Insurance Wallet app, the policy holder can upload the pictures of the damaged vehicle along with the requisite claim documents via the mobile application.
Bajaj Allianz then uses data analytics tool to recommend immediate liability to the customer and suggest a repair workshop within a turnaround time of 20 minutes. After customer's consent, Bajaj Allianz will immediately approve the claims payment which will get credited within 30 minutes into the customer's bank account.
This facility is currently available only for private cars. But they're looking at expanding this support for 2-wheelers soon, as well.
Bajaj Allianz has also engineered 'BOING', a Chatbot service platform to offer 24/7 customer assistance and instantly respond to customer queries.
BOING works on customized architecture and utilizes an NLP engine with Artificial Intelligence and Learning capabilities.
The Chatbot service is currently available on the website and will soon be rolled out on Facebook Messenger. It comes with an easy-to-use interface and will allow you to address the following insurance related issues:
• Registering a motor claim
• Getting a policy soft copy
• Checking policy status (Motor & Health)
• Checking claim status
• Locating the nearestbranch
• Locate nearby network hospital
• Locate nearby garages/workshops
Seeing such industry first initiatives, we can say that Bajaj Allianz is working to redefine the customer's experience when it comes to insurance related transactions.
The company is implementing modern technology to create interfaces that provide an independent and superior customer service experience.
Digital Interventions such as Blockchain and Artificial Intelligence are being used to simplify insurance transactions and improve customer service and claims proposition. This allows the company to settle claims even before they are reported.
The new initiatives apart from being paperless will also serve customers better and faster. Bajaj Allianz Insurance Wallet App will enable consumers to take full advantage of modern technology to address their insurance requirements.
You can check out Travel Ezee and Motor OTS in Bajaj Allianz Insurance Wallet app on Play Store (Android) and App Store (iOS). The BOING Chatbot service will be available on the company's official website.