Weekly Insurance Round-up Tuesday, September 13, 2022
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We're back with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful!
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- Liberty Insurance has launched an AI-based tool for processing motor & travel claims.
- With this tool, there will be less human intervention in processing claims. It will help in providing correct and standardised claim assessment as well as an accurate claim settlement amount. It will also be useful in addressing the customer's queries 24/7.
- The tool is integrated with the Liv Mobile app and will allow the customers to report claims, upload documents and photos, and get the claim settlement status.
- Liberty aims to provide its customers with seamless, quicker, smarter, and standardised claims management with the help of this AI tool.
Source: Live Mint
- The IRDAI is meeting the heads of all life and general insurance companies to dematerialise policies, which means converting physical documents into a modifiable online format.
- This is a move aimed at increasing customer convenience.
- Even though this initiative was started by the IRDAI a few years back, it did not work out as the operational challenges and associated costs for insurers superseded the customer convenience it was supposed to provide.
- However, the IRDAI now wants to bring back this idea and will be conducting consultations for discussing the pros and the cons of the facility and examining the reasons for the less interest in it.
- Dematerialisation of life insurance policies is being promoted by IRDAI to ensure a robust electronic mode of policy solicitation, servicing, and storage.
Source: Business Standard
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