When did Bajaj Allianz get Digitised?
On 14th June 2017, Bajaj Allianz General Insurance launched a slew of digital initiatives which aimed to transform and simplify the customer experience. These initiatives, apart from being paperless, brought down the claim settlement and customer service turnaround time to minutes.
The three industry-first Digital Services to transform customer and claim experience are:
- Travel Ezee will use technology to proactively disburse travel insurance claims related to flight delays even before the claim is reported.
- Motor On The Spot will empower customers to self-survey in the case of motor insurance accidents to settle claims on the spot.
- Boing- An artificial intelligence driven Chatbot platform for instant 24/7 customer service support.
Tapan Sehgal, MD & CEO of Bajaj Allianz General Insurance commented on the launches and mentioned that Digital Interventions such as Blockchain and Artificial Intelligence will be used to simplify insurance transactions and improve their service by settling claims even before they are reported and will enable claim settlement on the spot. This technology will reduce the need for physical inspection and documentation and thereby bring down the time taken in claims and query management.
These new initiatives, while responding to the customers instantly will also empower them to manage and settle their claims.
All these services will be available through the company’s website and self-service app Insurance Wallet. Customers can also use the assistance of the Chatbox through the company’s official Facebook Messenger.
Bajaj Allianz General Insurance is one of the leading private general insurance companies in India. Bajaj Allianz is a joint venture between Bajaj Finserv Limited, India’s most diverse non-bank financial institution, and Allianz SE, the world’s leading insurer and largest asset manager.
Bajaj Allianz General Insurance offers all general insurance solutions such as motor insurance, home insurance, health insurance, property insurance as well as other corporate insurance solutions such as liability insurance, cyber insurance, etc. The company also offers a host of value added services for both retail and corporate clients.
The Company changed its brand identity to ‘Caringly Yours’ to reposition itself in the minds of Indian consumers as a brand that protects and cares about customers’ financial worries around their most prized possessions – their health, home & content, vehicles, businesses, etc.
Bajaj Allianz GIC began its operations in 2001 and today has a pan-India presence in 200 towns and cities. In the last 2 years, the company has reached out to 833 tier 2 and 3 towns through its digital offices. The company is constantly expanding its operations to be close to its customers. Bajaj Allianz General Insurance is rated with an “iAAA” rating for its claims-paying ability by ICRA Limited consecutively for the last 11 years.
The Company registered strong financial results for the first quarter of FY 2021-22 by posting revenue of Rs. 2,494 crores for the period. The company also posted a net profit of Rs. 362 crore. Bajaj Allianz General Insurance also reported a healthy Combined Ratio of 103.4% and a solvency ratio of 340% for the period.
Digital Services launched
For the first time in the Indian insurance industry, the company has leveraged the power of Blockchain Technology for its application, Travel Ezee. This application will act proactively and notify the customer of their payout eligibility in case of a flight delay. The customer has to click on the app notification to invoke the application and fill in the account details and the claim amount will be disbursed within minutes.
To avail of this service, the customer will have to register their flight details online on the company’s website or on the company’s self-service customer app, Insurance Wallet. If the policy is purchased using an Insurance Wallet, the flight details are captured as a part of the buying process. With the help of a smart contract and singular truth source in Blockchain Technology, the company will work out early and pay the claim within minutes in receipt of account details from the customer. The existing process entails that the customer will register the claim followed by submission of the certificate of a delay from the airline along with the claim form.
In a 3-step process, the customer is needed to scan his/her boarding pass and passport using the app interface which will capture the details automatically, select the plan and make the payment. The policy copy will be sent to the registered email id instantly.
Motor On The Spot (Motor OTS)
The company has also launched Motor On The Spot (Motor OTS), another industry-first facility that empowers customers to register as well as self-inspect their motor insurance claims of up to Rs. 20,000 through the company’s mobile app, Insurance Wallet.
This application will reduce the claim settlement period to less than 30 minutes. The claimant will need to submit original hard copies of claim documents which is followed by a physical inspection of the vehicle by an authorized motor surveyor. Based on the report submitted by the surveyor the claim will be assessed.
Through this new facility, the policyholder will have to upload the pictures of the damaged vehicles along with requisite claim documents on the app. The company using a data analytics tool will recommend the immediate liability to the customer and suggest a repair workshop within a turnaround time of 20 minutes. After customer consent, BAGIC will immediately approve the claims payment which will get credited within 30 minutes into the customer’s bank account.
The company also launched an Artificial Intelligence-driven Chatbot service platform called “Boing” which will offer 24/7 customer assistance and instantly respond to customer queries. The Chatbot service will be available on the mobile app, website, and on the company’s Facebook page addressing the below queries:
- Register a motor claim
- Get policy soft copy
- Check policy status
- Check claim status
- Locate Branch
- Locate Workshop
- Locate Hospital
Achievements because of Digitalization
The company’s world-class systems and processes offer real-time solutions to both customers and partners via mobile applications and dedicated portals. The introduction of various industry-first initiatives by the company like unique farm ecosystem; artificial intelligence-driven chatbot, app-based instant motor claim settlement, image-based claim settlements, proactive claim travel claim settlement through blockchain technology, cashless claim settlements, wellness app, and portals, digital offices, and mobile applications such as Eezee Tab and Caringly your app have set a benchmark in the industry.
The Company has been honoured as the Best Insurer in India 2020 by IDC Financial Insights Innovation Awards, Best Customer Experience 2020 & Best Brand Experience 2020 by The CX Asia Excellence Awards, General Insurance Company of the Year 2020 by the 3rd edition of India Insurance Summit & Awards, Best Insurer in the Asia Pacific region by IDC Financial Insights Asia Pacific
The company also won Gold Award at the prestigious Outlook Money Awards 2020 for the Non-Life Insurer Category, Best Travel Insurance award by Outlook Traveller, and Best Motor Insurance Provider of the year award from Money today. The Company has also won the coveted Porter Prize award 2019 under the category of Creating Distinct Value, Domestic General Insurer of the Year – India at Insurance Asia Awards 2019; General Insurance Company of the Year, and Customer Service Provider of the Year at the 4th Annual Insurance Summit, and the prestigious Digital Insurer Award at the Asia Insurance Industry Awards twice in 2017 and 2018.
Future legacy and plans
The partnership of Bajaj Allianz with the others; successfully combines Bajaj Finserv’s in-depth understanding of the local market and extensive distribution network with the global experience and technical expertise of the Allianz Group. As a registered Indian Insurance Company and a capital base of Rs. 110 crores, the company is fully licensed to underwrite all lines of insurance business including health insurance.
In the two decades-long journey of Bajaj Allianz, they have risen from a humble start-up to an industry leader. They have gained the trust of close to 11 crore customers with the help of over 9000 employees, a robust distribution network of more than 80,000 agents, almost 9,000 motor dealer partners, and over 240 bank partners. They are also associated with most brokers, web aggregators, and major e-commerce platforms. They have formed meaningful relationships with their partners, customers, and employees in the course of their journey so far.
The company not only aims to take its service to the next level but also seeks to provide the best customer experience at every touchpoint and make insurance a pull rather than a push product.
Today the company is taking its relationships with the customers beyond insurance, by offering them a plethora of digitised customer-centric initiatives.
To provide an inclusive, growth-oriented working environment, Bajaj Allianz has benchmarked the best human capital management practises from across the industry and integrated them into their operations. As a responsible, customer-focused market leader, Bajaj Allianz will strive to understand the insurance needs of the consumers and translate them into affordable products that deliver value for money.