PUNE:
In this era of digitization, technology is empowering the insurance industry and its customers; however, it is also enabling more fraudulent activities.
And considering that data is a high- value commodity, it is important that customers feel secure while using various online services or sharing their data on any digital platform. To discuss this and other customer grievances, mitigate challenges, manage risk and talk about possible solutions, one of the India’s leading private life insurer, Bajaj Allianz Life Insurance, today, conducted the second edition of ‘Future Perfect-Customer First’.
This event brought together prominent representatives from the life and non-life insurance companies along with a senior official from the IRDAI. The agenda of the event was to collaborate and discuss ideas that will help increase customer satisfaction, reduce fraudulent activities and thereby bring about a paradigm shift in the industry over the coming years. Discussions at the event also revolved around using artificial intelligence and repositories to identify insurance frauds. Challenges faced by insurers in terms of Unclaimed amount and Section 45 of Insurance Act were also discussed.
Speaking at the event Anil PM, Head Legal & Chief Compliance Officer, Bajaj Allianz Life said,”Best Interest of the Customer needs to be core at all the activities of an insurer. Digital adoption for meeting customer needs should not be at the cost of privacy and data security. Optimal resolution to the challenges faced by and opportunities available, to the insurance industry, are achieved with collaboration. With the IRDAI enabling innovation with its draft Sandboxing guidelines, it is exciting times ahead for the industry”
Representatives from around 35 life, general and health insurers convened in Pune earlier today to discuss future ready strategies to increase penetration in all segments in the country. The event saw the representatives also discuss the rapid innovation within the BFSI sector to bring value to its customers.
