Mumbai, July 13th, 2021: Adapting to the new normal, India’s leading life insurance company, Ageas Federal Life Insurance, has reimagined the customer experience by investing in newer technology and focussing on digital channels and online applications to simplify the process for customers during the ongoing COVID-19 pandemic.
Speaking about the Company’s efforts, Mr. Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance, said: “Despite the challenges of nationwide lockdown followed by restricted movement in several regions, we ensured speedy claims settlement based on scanned images, with main focus on claims that were on account of deaths due to COVID-19.”
The claims repudiation ratio for Ageas Federal Life Insurance for FY21 was 2.16 per cent for individual death claims. The repudiation ratio specifically for COVID-19 claims stood at 1.69 per cent, with not a single COVID-19 non-early claim repudiated during this period.
The average turn-around time (TAT) from date of intimation of the claim to date of settlement of the claim for individual death claims was 9 days. For claims on account of COVID-19 too, the TAT for settlement of the claim was 9 days.
Additionally, since July 2014, the Company has not been required to pay any interest for delayed settlement of non-early claims under the ‘8-Day Claims Settlement Guarantee’ initiative.
On resolving policy holder grievances, the average turn-around time (TAT) stood at 2 days during FY21, which is considered among the best in the life insurance industry and considerably lower than the industry average of 5 days.
This was the seventh consecutive financial year end where the pending complaints in the Integrated Grievance Management System (IGMS) of IRDAI were nil at the end of the year.
“By digitally transforming our IT infrastructure and operations to meet changing business priorities and customer expectations, we have been able to achieve ‘business as usual’ during the COVID-19 lockdown as well as ensured the physical safety of our representatives during the pandemic,” Mr. Shahane added.
Given the restrictions of the lock-down, Ageas Federal developed its mobility platform and ensured availability of its products online to ensure minimal contact between the sales team and prospective customers.
Ageas Federal also provided remote touch points such as call centres, a customer care email ID, customer portal, a mobile app, WhatsApp service, a chatbot on the website and virtual customer relationship management to transform the insurance experience for end-users during the pandemic.
Besides meeting the expectations of digital-savvy customers, the use of technology has also enabled Ageas Federal Life Insurance to offer faster turnaround time (TAT) for its services while significantly enhancing the company’s operational efficiency.
=======================
