Digital Transformation in Non-Retail Insurance
The Indian General Insurance Industry has seen tremendous growth in the last two decades. Which was predominantly dominated by Public Sector players a couple of decades ago, is now swarmed with Private players. As it becomes more and more competitive, there is huge pressure on firms to optimise their value chains across all functions. Underwriting lies at the centre of insurance business. But due to the complexities involved in commercial underwriting, it has not attracted modern technology as the retail segment and other functions did.
In the recent past, retail insurance journeys have seen significant digital transformation to provide ease and comfort to customers without engaging them physically. For example, buying retail policies from aggregators like Policybazar or InsuranceDekho is totally digital and doesn’t require any human intervention at all; moreover, the policy is issued in minutes. It is imperative that such flows be extended to commercial insurance as well, while leveraging human capital.
Commercial Insurance Underwriting is no different from retail underwriting, and it is also rule-based, though much more complex, which leaves huge scope for automation and resource optimisation. Despite significant advances in technology, commercial lines still rely heavily on human judgement and manual processing—particularly in underwriting. The whole journey of commercial insurance is through traditional communication channels such as e-mails and phone calls. The legacy systems are increasingly weighing down underwriters with several unproductive tasks, such as manual compilation of data from varied sources, interfacing with multiple systems, and manual information sharing. This consumes tremendous time and effort for processing the simplest of tasks, leading to productivity losses and higher costs, which ultimately limit the ability of incumbents to provide superior customer service (such as risk prevention and loss control) to important clients. Specifically addressing those with large accounts or where a change in risk behaviour could have a considerable impact
Dorian Mode Technologies has come up with a disruptive technological solution to address these pain points. The Tarslink Platform helps insurers streamline complex underwriting processes, automate manual processes, enhance communication between underwriters and intermediaries, and provide real-time visibility of the RFQ journey. The platform lets you receive a request for a quote from a broker, calculate the premium, and issue a quote in minutes. This will tremendously improve the speed of delivery for an insurer, free up underwriters from unproductive tasks, and provide capacity to improve risk assessment by considering more data and analytics.