Why seamless claims matter: A customer-first view from Life Insurance Operations
By Nilesh Parmar, Chief Operating Officer, Generali Central Life Insurance
Recognising that the claim process is often a moment of truth for many life insurance policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) and insurers have been implementing customer-first initiatives that are aimed at streamlining claims processes and reduce financial stress during times of emotional distress. In addition to simplifying documentation, enforcing strict turnaround times (TATs) and implementing technology-backed grievance redressal mechanisms, the Indian life insurance industry is bolstering disclosure standards to improve transparency and boost customer confidence even further.
Prioritising customer experience with enhanced risk controls
While product innovation and distribution enhancements have dominated industry conversations, the transformational progress achieved in improving the claims experience remains the most consequential determinant of trust for scores of policyholders today. This is largely due to a conscious effort from insurers to move away from manual ways to digital-first approach that...
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