Chennai
But, renewing a motor policy gives the user an opportunity to revisit their needs and tweak their policy so that the premium can be reduced or add-on features could be availed, notes Gurneesh Khurana, President & Country Head – Motor Business, Bajaj Allianz General Insurance. With the overall economic scenario focussing on the auto slowdown, the executive shares insights on industry trends and the way forward. Excerpts from an interview:
Impact of slowdown
The impact of auto sales slowdown on the insurance sector cannot be negated. Though the entire industry has been impacted by the slowdown, we could see the changing dynamics of the auto and insurance industry and accordingly upped the ante by being future ready with respect to both technology and products to be offered to compete in the market and garner better market share.
Noticeable trends
A major change already taking shape in the automobile market is the shift from internal combustion engines to electric engines. Almost all major manufacturers have launched their EV range in the last three months and many more are planned in the coming year. Shared Mobility is another wave of change that is sweeping the automobile landscape. This is changing the way customers look at vehicle ownership as an asset. The changes being witnessed in the insurance or auto sector is the reflection of the changing pattern of customer sentiments who want to use TAAS – Transportation as a Service rather than purchase of a vehicle.
As a next step, insurance companies and OEMs would work together to provide end-to-end integrated insurance solutions. Based on these changes, IRDA has recommended to create a “Regulatory Sandbox Approach” which can be used to carve out a safe and conducive space to experiment with Fin-Tech solutions which will help foster growth and increase the pace of the most innovative companies. Further, till now insurance pricing was based on the asset ie the vehicle itself rather than the customer driving pattern and behaviour. With the Sandbox coming in, pricing would be more scientific as it will pave the way for innovative products like ‘Pay As You Drive.’
Renewal processes
Our technology and product teams keep innovating to devise seamless and faster methods of renewing policies. This may be as simple as just scanning a QR code to get your renewal done within minutes or sending a ‘bit.ly’ link with all the customer details pre-filled for quick renewal of the existing customer policy.
Claims settlement scenario
We have one of the industry’s best Claim Settlement Ratio for motor business at more than 98%. Our ‘On The Spot’ (OTS) claim settlement can be accessed on our ‘Insurance Wallet App.’ Over 3,000 claims last year were settled via the OTS.
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