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Advantages of Digitizing the Insurance Claims Process

Digital Life Insurance - Read 5 advantages of Life insurance going digital in india on this article. Visit Kotak Life insurance to know more on Life Insurance

  • 6,993 Views | Updated on: Jan 15, 2024

So many aspects of life are now digital. Right from shopping, buying groceries to making money transfers, most financial activities are carried out digitally in today’s times. Many industries have taken to digital modes of operations to make their products and services more accessible. Most of the insurance sector has shifted to the internet to sell and renew insurance plans as well as settle claims and customer queries.

Here are five advantages of life insurance going digital:

1.Digital life insurance reduces operational costs

Going digital reduces the operational costs for insurance companies. These include:

  • The cost of offline advertising and marketing
  • Internal infrastructure

The standardization of systems has also reduced the added expense of brokers and agents. Tasks, such as helping customers compare different insurance policies, providing information at fingertips, and assisting policyholders in buying a policy is a lot easier and cost-effective now.

This reduction in operational costs allows insurers to save money and in turn offer discounts to policyholders on insurance premiums.

2.Digital life insurance delivers a better customer experience.

Digital life insurance has improved the customer experience. For instance, customers can:

  • Access a variety of life insurance policies in seconds
  • Compare different products
  • Use calculators to determine the premium and sum assured

Even the claim settlement can be requested online. This is more time-efficient and convenient for customers. Complaints and queries can be settled faster as most insurance companies have their accounts on social media platforms, with quick turnaround times. Moreover, customers can stay up-to-date with the latest life insurance policies and learn about insurance through insurers websites.

3. Digital life insurance makes all things convenient.

The main benefit of life insurance going digital is the switch from offline to online modes for carrying out different tasks. This has enabled customers to:

  • Buy life insurance online
  • Check the status of their policy online
  • Carry out searches to add optional covers to their existing policy
  • Raise a claim through a tap and avail cashless claim settlement services

This switch has even benefited insurers, offering them benefits, such as:

  • Easy accessibility to third-party service providers to assist in claim settlement
  • Direct connection with network hospitals
  • Ability to settle customer queries instantly

4. Digital life insurance provides safety and reduces the chances of fraud.

By eliminating the need for agents and brokers, insurers reduce the chances of false sales or fraud. These can save customers from paying unnecessary hidden costs and buying the wrong policy. Moreover, the possibility of errors, delays, misinformation, and policy rejection is also reduced. Lastly, as the statistics provided by insurers is on their official website, customers are guaranteed to receive authentic information.

5. Digital life insurance builds better long-term insurer-customer relations.

The continuous digital exchange between the insurer and customer makes purchasing life insurance more transparent. This means that all the data provided by a customer stays safe with the company. Moreover, companies ensure that no sensitive and personal customer information, such as bank account or debit/ credit card details stays with them. This commitment to respecting a customer’s privacy helps in strengthening their trust in the company. With such levels of transparency in every process, stronger insurer-customer relations are built and maintained.

To sum it up

The digitization of life insurance has proved to be beneficial for both customers and insurers. Kotak Life Insurance understands the need for moving with the times and giving its customers the best the digital, sphere has to offer. At Kotak Life Insurance, you can not only access a range of life insurance products but also learn how to gain maximum profits and protection from them.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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