Now during this pandemic situation there is challenge in sending claim notification and also there is a delay in settlement of any claim. This is mainly due to restrictions during lock down for investigation and also many other factors. In the current scenario whenever there is a claim , broker will be notified in most of the cases and then forwarded to Processing team. Usually there will be a delay in settlement of claim.
Covid 19 claims as well as any claim notification can be made easier by including QR code facility in to insurance. Currently QR code is used widely across many other financial platforms for payments. Latest technologies like Image recognition, Data Analytics and drones can be used for investigation and settlement of claim.
So far insurance sector has not started using QR code for claim notification. This would be really helpful for clients for faster notification of claim and also helps for immediate settlement.
Idea - Introduction of barcode for immediate Loss notification during covid -19.
Each policy number should be assigned with a QR code. Details about a insurance policy should be recorded in the QR code. When a customer wanted to submit a Covid claim or any claim. Customer have to open the website of an insurance company in a mobile phone and select submit a claim option. And place customer’s QR code of insurance policy contract printed in policy document (Hard copy ,pdf and all the physical documents) against the QR code scanner in the insurance company website and details pertaining to the policy pops up. The carrier in turn would send one time password (OTP) to mobile number existing in their records. The OTP would then be used to validate the user. Customer just need to mention Loss description and Date of loss to the relevant field and attach any photo or video related to the loss. And then click on submit. An immediate notification would trigger to back end team of insurance company for immediate processing and also to a broker.
Note : GPS option can also be included since its automatically capture loss location details. User can also enter Loss location details manually
Major advantage :
This really saves time of a customer especially during critical situations like Covid -19 when there is a need of urgency.
Even if a customer missed to carry or lost QR code printed policy document during quarantine period the details of policy can be easily retrieved using registered mobile number. In this scenario registered mobile number needs to be entered in the place provided for Forgot policy number in the website.
The carrier in turn would send one time password (OTP) to mobile number existing in their records. The OTP would then be used to validate the user. And rest of the details can be entered.
This procedure really saves time and can be done with out any hassles.
Risk analysis and investigation
Risk analysis and investigation (Fraud check) can be done using Data analytics instead of traditional methods. During situations like Covid - 19 Drones fitted with cameras can also be used for investigation of claims. Remote sensing technology can be used in some cases.
Health insurance claim Covid-19 cases can be directly linked to an accurate Quarantine app with medical records of quarantine patient attached(Applicable for health related claim).This helps for faster analysis and investigation of a claim. This facility makes faster settlement of covid-19 claim .
Live chat option can be provided in the Website for direct communication with client and claim handler. This really helps for clearing any queries.
Overall benefits are -
1.Immediate notification of claim during emergency situation like Covid-19. 2.Speedy processing of claim.
- This ensure Human safety since there is no direct contact between client. 4.Cost effective technology
- Customer retention 6.Customer satisfaction 7.Reduction in admin costs to the insurer. 8.Faster settlement of claim. 9.Less time required for investigation