Allianz's Indian JV launches blockchain, AI-based products
Bajaj Allianz General Insurance has launched several AI and blockchain-powered services in a bid to improve its customer experience. The company has launched Travel Ezee, a travel insurance claim app, an intelligent chatbot platform, Boing, for customer service support, and Motor on the Spot, a mobile self-survey application for motor insurance claims that Bajaj said will offer rapid settlement. The apps will reduce paper usage and improve customer service times, as well as speeding up claims processing, according to Bangalore-based Bajaj.
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Bangalore: Bajaj Allianz General Insurance has launched a slew of digital products leveraging Blockch ai n technology and artificial intelligence (AI) with an aim to transform and simplify the customer experience. These new products will help to go paperless in terms of the claim settlement process and reduce customer service turnaround time drastically.The three new products launched are Travel Ezee - a travel insurance claim app Boing – a intelligence chatbot platform for 24x7 customer service support and Motor On The Spot ( Motor OTS) – a mobile based self survey application for motor insurance claim settlements on the spot.Travel Ezee – the travel insurance claim app is built around Blockchain technology and works using the OCR ICR (optical character recognition & intelligent character recognition) technologies. It helps the customer to easily buy travel insurance as well as make claim settlements in case of flight delays in just three simple steps.First the customer needs to scan his boarding pass and passport using the app; the interface captures the details automatically, then selects the plan and makes the payment. The policy copy is sent to the registered email ID instantly.It acts proactively and notifies the user on payout eligibility in case of a flight delay. The user has to click on the app notification to invoke the application and fill in the account details and the claim amount will be disbursed within minutes.“We have built a Blockchain platform for this app and have tied up with a third-party travel flight aggregator that provides all the information and data related to flights, airports and destinations globally. This allows us to act proactively with travel claims even before the user makes the claim request,” said Sourabh Chatterjee, Bajaj Allianz General Insurance’s Head – IT, Web Sales & Digital Marketing.“This is a first kind of initiative in the insurance industry and India, where Blockchain technology has been used and the Blockchain platform makes easy to add more services in future,” added Chatterjee.At present, the app only supports all international travelers but is expected to support domestic travellers in near future.Boing is an AI (artificial intelligence) powered chatbot platform that offers 24/7 customer assistance and instantly respond to their queries. The chatbot service will be available on the website, mobile app and on the company’s Facebook page.Currently, Boing chatbot helps the customers to address range of queries including register a motor claim, get policy soft copy, check policy (motor & health) and claim status, locate branches, hospitals and workshops or garages.“The AI powered chatbot Boing uses machine learning and natural language processing ( NLP ) that makes the customer interaction very simple and seamless. In case of complex queries, it will be handled by human assistance,” said K V Dipu, Bajaj Allianz General Insurance’s Head - Operations & Customer Services.Motor On The Spot (Motor OTS) – is a mobile based self survey service for motor insurance claim settlements on the spot. It allows customers to register as well self-inspect their motor insurance claims of up to Rs. 20,000 through the company’s self-service mobile app – “Insurance Wallet”. It reduces the claim settlement period to less than 30 minutes from the current average time of 7 days for motor claim settlement.The policyholder has to upload the damaged vehicle’s pictures along with the requisite claim documents on the mobile application. Following that, company using data analytics tool will recommend immediate liability to the customer and suggest repair workshop within turnaround time of 20 minutes.After customer consent, BAGIC will immediately approve the claims and payment will get credited to user’s bank account within 30 minutes. This facility is currently available only for private cars."At Bajaj Allianz GIC , over the years we have been obsessed with redefining our customer’s experience when it comes to insurance related transactions. We have been investing heavily on enhancing our digital capabilities to create interfaces that provide an independent and superior customer service experience,” commented Tapan Singhel, MD & CEO - Bajaj Allianz General Insurance.“Digital interventions such as Blockchain and Artificial Intelligence are being used to simplify insurance transactions and improve our service and claims proposition,” concluded Singhel.