Opportunity

Motor insurance required a pre-risk evaluation before coverage could be issued. On a customer’s request, at the contact center, the field team was instructed to visit the customer. Details of the vehicle were captured on a physical form, and vehicle photographs were taken with a camera. The form was then scanned back into the office along with the photographs. Meanwhile, a cover note (a financial instrument) was given to the customer by the agent until the policy was issued.

The policy took anywhere from 48 hours to 72 hours to be issued. Additionally, the information flow, i.e. client information, client contact details, premiums to be collected etc. was done using phone calls, emails, and pen and paper.

Solution

We incorporated the entire pen-and-paper process into a digital imprint. “Fraud-protect” helped integrate the inspection form by using the camera feature of a secured handheld device.

The phone app allowed the form to be accepted as digital input, the photographs got embedded into the form, and the information got saved centrally on the server in real time, leaving no scope for any changes to be made to the information on the phone.

The application’s built-in time stamp did not allow for any additional fraudulent activities. This was enhanced by a video of the vehicle being inspected, and from there, the industry moved onto a customer-empowered self-assessment mode — flawless, digital, real-time, and online. The information was reviewed by the underwriters instantaneously, allowing them to push for an online policy issuance decision for the customer.

The online policy issuance eliminated the need for any cover notes; hence, the process became 100% compliant with regulatory requirements, other than carrying the risk of unmanaged distributed cover notes in the market.