New products overdrive at Universal Sompo

Reported by: |Updated: July 22, 2019

Universal Sompo General Insurance has designed new product offerings to meet the insurance requirements of MSMEs and startups, which are in line with company’s initiative to support the government’s flagship initiative – Make in India. Anupam Singh, DGM – IT, shares details: “During FY 2018-19, we have filed and received approvals from IRDAI for 16 new products, 8 CSC products, 17 PoS products and 61 add-ons. As part of our continuous efforts towards rural development, we have introduced 8 new products through the Common Service Centre (CSC) channel, which enables us to explore the untapped rural market along with enabling digital initiative, which aims to empower rural population in India. Thus, we are improving insurance penetration by reaching to the furthest corners of India.”

Universal Sompo is also offering long term coverage for motor products – 3 years for private cars and 5 years for 2-wheelers. This is as per the directive of the Supreme Court.

The company is actively revamping its customer interaction capabilities. It has implemented a number of technologies to facilitate business and speed up communications with customers. Among these are chatbots, an aggregator platform, a banking interface, live streaming and a business intelligence tool, says a report in Banking Frontiers. As a part of digital strategy enhancement, the current plan for FY 2019-20 includes AI and ML predictive analytics, RPA and WhatsApp integration.

The company had circulated a feedback form among its customers and received a positive feedback acknowledging the effectiveness of the digital strategy initiatives. Its business has grown 3-fold in the last 4 years. The total business acquired by the company from all online applications and platforms is approximately 15% of the total, amounting to Rs4.2 billion.