In Insurance sector, the most important functions are to sell insurance, serve clients and processing of claim on-time. As per insurance technology vision report published online, it is said that 80% of insurers agree that organizations that tap into what motivates human behaviour, and design the customer experience accordingly, will be next industry leaders.
The Internet of Things (IoT) objects are capable of transmitting data for insurers. While this data is directly accessible to insurers via sensors or mobile devices, IT organizations may also play a role in assimilate, aggregate, analyse and disseminate to right parties. All this data is potentially useful for the full range of products and lines of business; from commercial, life, property, casualty and to health.
This can also act as BI facility, where insurance companies can understand behavioural pattern of insurers and their challenges. It results in direct connection with consumer and reduce dependency on brokers while processing claims.
We have created a solution based on IoT for General Insurance sector. This helps Mediclaim Company to bring fake insurance claims to halt and reduce the operational cost of patient hospitalisation verification. It also aims to reduce malpractices followed by healthcare professionals to ensure only legitimate claims are processed/ approved and save huge cost on fake claim amount. This can help in improving claim processing ratio and which can further help sales professionals to win trust of clients.
Genuine customers are losing trust on claim processing and suffering from poor services of insurance companies. It is necessary to stop malpractices of claims from insurance company point-of-view and improve customer satisfaction while optimizing amount from/cost of fake claims. Having bad claim processing ration has been impacting new business/sales.
We created IoT based solution using special ring which can be given to each patient as a part of welcome kit, which helps detecting palm print and authentication of client / patient. Patient who wants to apply for Mediclaim and going under hospitalization, can just wear given ring during anytime of illness and hospitalization, which will signal insurance company about claim request, location and authentication of patient.
1. It has reduced turnaround time by 60%
2. It has helped company authenticate insurer and fake claim process got reduced
3. Trust factor between insurance company and client got elevated
4. Dependency on brokers for requesting claim reduced