Neerja Kapur, CMD, New India Assurance
“The insurer is taking lot of digital initiatives and is deploying artificial intelligence for doing motor Own Damage( OD) claim surveys up to Rs. 50,000. This is currently in the pilot phase. It will be rolled out to all its offices within a month’s time once the pilot phase is over,” said Neerja Kapur, CMD, NIA
Mumbai:
State owned New India Assurance(NIA), the largest general insurance multinational, is going digital extensively and is soon planning to integrate with ONDC (Open Network for Digital Commerce) to offer its retail products in the platform.
ONDC, established by the Department for Promotion of Industry and Internal Trade of Government of India to develop open e-commerce, fostering open interchange and connections between shoppers, technology platforms, and retailers.
“We are in a very active discussion with ONDC to onboard our retail products. Many other measures are in place where we expect the overall policy increase and our digital footprint to increase by at least 10 to 15 per cent annually. Considering the digital foray already made by the company, this organic growth will bring in profitable retail customers and sustain the quality of service in the long run’ said Neerja Kapur, CMD, NIA.
Retail portfolio almost constitute 60 per cent of NIA’s Rs 36,000 crore domestic premium kitty in fy 23 and the company has issued around 3 crore policies during the year. The agents of NIA have been empowered with digital portals, for a seamless sale of products on 24×7 basis.
NIA has always been ahead in implementing technology in its operations. As the company has aligned its technology needs to the changing landscape, it is currently focusing on leveraging technology to streamline processes, data analytics AI, cloud computing, process automation such as robotic process automation and enhanced security measures, explained Kapur.
“Data Security of customer is of prime importance to New India. We have recently been certified as ISO 27001 compliant which is based on audit of our effective data processes and security, ‘’ added Kapur.
The insurer is taking lot of digital initiatives and is deploying artificial intelligence for doing motor Own Damage( OD) claim surveys up to Rs. 50,000. This is currently in the pilot phase. It will be rolled out to all its offices within a month’s time once the pilot phase is over, informed Kapur.
NIA has also launched analytics enabled pricing.
“We have state-of-the-art analytics enabled tool that enables actuarial driven pricing for the motor OD segment, and we will be utilizing this tool going forward for working out the pricing in different Segments,’ revealed Kapur.
“We also have an analytics-enabled MIS tool, which is both for agency vertical as well as Motor OD claims. This helps us to build the data model on dynamic basis apart from using the legacy learnings,” added Kapur
The insurer, with an industry market share of 16.16%, has recently revamped its website with a focus on better user experience enabled through friendly auto population model and supported through the guided chatbot. The bot is being trained to do the natural language processing to ensure customer’s delight.
Similarly, the software enabled network augmentation is being introduced to reach the last mile customer in remote areas, seamlessly.
NIA is one of the pilot companies to implement the integration and implementation of Jan Suraksha Portal, successfully. New India is an active participant in the initiative of National Health Authority to develop a sandbox facility for National Health Claims Exchange.