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IoT Solution for Insurance

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.

Why insurance companies should use this solution,
  • Reduce fake insurance claim and reduce operational cost
  • Revolutionise and personalise customer engagement
  • Reduce losses by moving from reactive claims to automated, proactive loss prevention
  • Maximise revenue having new product opportunities
  • Process claims quickly with robust Authentication – Authorization facility
  • Reduce dependency on brokers / agents while processing claims
What we did - Case Study
  • Objective

    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.

  • Business Challenge / Scenario

    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.

  • Solution

    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.

  • Results:

     
    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

To discuss more on this project you can request a call.

Applications of IoT in General Insurance and Health Insurance,
Wearable technology, sometime called fit tech
Sensors on objects vehicles, containers & shipping tracking
Location based sensors in factories, warehouses, home & office
GIS (Geographic information systems)
As per recent articles published by EY, Forbes and Accenture in business insights, Usage-based insurance (UBI) — so-called “pay-as-you-live” or “pay-as-you-drive” business models — have quickly moved out of pilot phases and proved their viability and value around the world. In fact, there are an estimated 5 million active UBI policies in 35 different countries. It is estimated that UBI policies will reach 15% market penetration by 2020 in Europe, Asia and the Americas.

In such scenario, IoT solutions like this will become Key Driver. We help you use technology to manage biggest risks. Schedule free consulting call

 

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