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Technology-Driven Redressal Platform Insurance Samadhan Transforms The Insurance Claims Ecosystem In India
In conversation with Deepak Bhuvneshwari Uniyal, co-founder and CEO (Chief Executive Officer) at Insurance Samadhan.
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1. Please highlight the journey of Insurance Samadhan and how has it evolved since its inception.
The primary idea behind the inception of Insurance Samadhan was to facilitate a technology-driven platform to resolve the grievances of customers related to insurance claims. As an insurance redressal platform, we started our journey in August ‘2018 when we launched our website officially. Soon after, we started receiving complaints regarding insurance claims online. Within the span of 4 years, we started to work following the specific patterns and trends which we implemented as per the experience we gained in the mentioned timeframe. We classified the grievances into diverse categories and incorporated the innovative technology of Artificial Intelligence (AI) into our work strategies. I am delighted to share that at present, 80% of the complaints received on Insurance Samadhan are processed automatically with the help of advanced technology.
2. Kindly throw some light on the company's business segments, strategy, and overall growth outlook.
Insurance Samadhan as an insurance redressal platform is dedicated to reach out to all policyholders and serve them with all kinds of services. Currently, as a team, we are working on several strategies to develop our dedicated app ‘Polifyx.’ The mentioned initiative will help our customers to store all the policies on our app and check if they will get the claim under the policy. Going further, the mentioned app will make it easier for customers to raise service requests, apply for reimbursement and several other services which we intend to provide in the future.
3. According to you, what is the company's USP, and what makes it different from other claim settlement platforms?
Insurance Samadhan is the first and the only platform in the country which helps customers with Life, Health and General insurance policies. Ever since its inception, the platform has successfully resolved complex insurance grievances. We are planning to launch a disruptive feature called “Know your policy” on our insurance claims platform. The mentioned feature will allow the policyholders to upload their insurance policy and know if there are any errors which may lead to claim delays or rejections in future. We do not sell insurance policies but our app intelligence will assist our customers to identify the kind of insurance they should have in the following months.
4. How the increment in the number of customers reaching insurance redressal platforms in the post-pandemic times has affected the industry?
The insurance redressal ecosystem has been highly impacted by the industry developments that occurred in the post-pandemic times. It is noteworthy that post-pandemic policyholders have experienced a lot of claim rejections and short claim settlements. Due to the industry scenario in the post-pandemic times, we have witnessed an increment in the insurance grievances generated due to the misselling of insurance policies to small businessmen with an alluring promise of interest-free loans. I would like to highlight that the number of policyholders reaching out to Insurance Samadhan in the post-pandemic times has increased rapidly by approximately 300 times.
5. What distinct changes can be implemented for the enhancement of insurance redressal platforms in India?
The government of India is working constantly towards the enhancement of insurance redressal platforms in the country. Notably, the IRDAI (Insurance Regulatory and
Development Authority of India) is continuously working towards the development of a grievance-handling mechanism. In the pursuit of improving the insurance redressal system in the country, IRDAI has launched Bima Bharosa, which provides a gateway for policyholders to register complaints with insurance companies first and if need be, escalate them to the IRDAI Grievance Cells. Eminent government authorities like CIO (Council for Insurance Ombudsmen) have facilitated online registration of insurance complaints during the pandemic times. CIO is responsible for digital transformation and digital customer experience. The mentioned government initiatives have remarkably enhanced the policyholder experience by reducing the turnaround time.
6. Are you planning to raise another round of funding? And what are your plans for the next 3-4 years in terms of expanding the market size?
Yes, we have plans to raise another round of funding. Ever since its inception, Insurance Samadhan has constantly focussed on the most complex challenges in the insurance industry. The efficient management of insurance grievances is one of the major industry-oriented challenges along with being the last leg of the insurance journey. We are planning to add new features to our app which would help insurance policyholders in their insurance policy servicing, policy management, claim filing etc. Except for selling insurance, we would assist policyholders with any kind of service. We have plans to exponentially expand our enterprise to the Middle East and Africa within the next 3-4 years.