Reported by: banking|Updated: September 9, 2020
Bajaj Allianz General Insurance has recently won 2 global awards:
Recently Bajaj Allianz General Insurance won 2 two global awards. First is for the company’s ‘Farmitra’ app and the second for ‘Dig Swasth’ process, both of which were created with an objective of augmenting customer experience. Farmitra won the EFMA-Accenture Global Award and Digi-Swasth won the Celent Award for Operational Excellence.
Farmers face many challenges with respect to timely intimation of claims, grievance redressal processes, verification of information about their applications or claims status, which untimely result in negative publicity of the insurance scheme and insurers. To overcome all these issues, Bajaj Allianz General Insurance launched a one-stop-shop Farmitra mobile app to provide insurance solutions to its insured farmers across the country. The unified platform aids farmers to avail complete insurance services, going beyond insurance to get connected to the world of new-age agri-information and technology.
The company deals with farmers by offering risk mitigation solutions through crop insurance. The Farmitra – Caringly Yours mobile app not only provides insurance solutions but also a range of other customized, value-added services such as information on personalized crop advisories, visual crop diagnosis, mandi price, agricultural news and best practices without any cost and in the farmers’ preferred vernacular languages. Farmitra aims to provide a holistic digital solution to improve farmer life cycle value.
Farmitra provides hourly weather forecast for the selected regions, personalized advisories in preferred regional languages, customized as per the selected crops, comparative market price of crops, news related to agricultural developments, a locator for seed/soil testing labs, details of fertilizer dealers, and cold storage around the area. The app features video-based information, consulting and guidance for farmers. It gives access to 1800+ articles/news/events/videos which are helpful for farmers.
In terms of insurance, users can access the Pradhan Mantri Fasal Bima Yojana (PMFBY) portal to buy crop insurance, check their application status, register claims and reach out to program coordinators. Through its full-fledged insurance servicing module, a farmer can intimate their crop loss in less than 2 minutes. Claim status sub-module enables farmers to check their claim status in real-time. Additionally, users can also purchase allied insurance solutions such as motor and health insurance policies offered by the company. The company is the first in the insurance industry to launch such an app designed specifically for empowering farmers digitally.
The app is only 2.3 MB on Android Playstore and has a ranking of 4.1. It is currently available in 7 states – Maharashtra, Rajasthan, Karnataka, Haryana, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh, with 4 language interfaces – Hindi, Marathi, Telugu and Kannada. It was launched on 14 October 2019 and got over 150,000 downloads as on 25 July 2020, with Maharashtra having the most downloads.
As the largest Indian private player in the general insurance industry, Bajaj Allianz General Insurance is ensuring that it has integrated robust systems in its processes which have proven to be extremely pivotal to the organization’s success. Being an industry leader, the company sought to assimilate set processes with technological enhancement in innovative manner thus providing seamless results. Traditional methods of arranging medical check-ups were inefficient and hence the company took up the challenge to find solutions to overcome the typical health check-up process. There is a Health Operations Team (HOPs) in the company, an industry-first move.
Besides, it has introduced an integrated process, representing end-to-end automated policy issuance, including medical check-up through Digi-Swasth, an innovative digital model which is developed with the Internet of Things (IoT), integrated with 4 partner systems and a mobile app-based appointment booking system available anytime, anywhere. The platform challenges the conventional method of medical check-ups by leveraging technology innovatively. Integration with partners has brought about a high level of engagement at each touchpoint.
Using the Caringly Yours mobile app, there is an instant transfer of the customer’s recorded data such as ECG and vital signs to the company’s core system along with the digital transfer of medical data and lab reports. The digital process provides a seamless on-boarding experience for the customers by empowering them with a self-guiding appointment system and tele/video underwriting as per their convenience in the comfort of their home. The complete journey is paperless giving a great experience to our customers.
The Digi-Swasth process has helped the company in converging its end to end digitization process strategy, with smart and seamless steps and swift execution to conclude the issuance instantly. It has helped the company to move from archaic pre-issuance medical check-up process to innovative AI & ML integrated IoT based data transmission process with quality results. The 3 most critical success factors which made this initiative successful are: (i) digitization/automation of the end to end process, (ii) system enhancements and development of workflows and (iii) most importantly customer delight.