As 2024 approaches, the general insurance sector is gearing up for a transformative year marked by innovative initiatives, technological advancements, and a heightened focus on customer-centric solutions. Tapan Singhel, MD and CEO of Bajaj Allianz General Insurance, and Parthanil Ghosh, President of Retail Business at HDFC Ergo General Insurance, shed light on the key expectations and initiatives that will shape the industry landscape.
Complete Cashless Health Insurance Claims Settlement: A significant move expected in 2024 is the introduction of complete cashless health insurance claims settlement in hospitals nationwide. The Insurance Regulatory and Development Authority of India (IRDAI), in collaboration with various stakeholders, aims to simplify the claims process, alleviate the financial burden on policyholders, and combat insurance fraud.
Comprehensive Health and Wellness Solutions: With a growing awareness of health and well-being, insurers are anticipated to focus more on comprehensive health and wellness solutions. This includes the introduction of outpatient department (OPD) insurance covers to cater to evolving healthcare needs.
Digitization and Personalized Products: The general insurance industry is experiencing a rapid surge in digitization and digitalization. Leveraging technologies such as artificial intelligence (AI) and machine learning (ML), insurers are expected to offer hyper-personalized products and services. This may include usage-based insurance for motor vehicles and tailored retail health products designed to meet individual needs, along with improved claims services.
Initiatives for Transparency: To enhance transparency, the IRDAI has introduced the Customer Information Sheet, a comprehensive document containing all product-related information. This includes an overview of policy terms, claim settlement timelines, and the grievance redressal process, providing policyholders with a clear understanding of their insurance coverage.
Investment in Data Privacy and Cybersecurity: Data privacy, fraud detection, and cybersecurity are becoming critical areas of focus for the insurance industry. Insurers are expected to invest significantly in setting up robust cybersecurity infrastructure to safeguard sensitive customer data, counter cyber threats, and ensure the security of digital transactions. Additionally, the implementation of advanced fraud detection engines aims to reduce losses and protect genuine policyholders.
As the industry gears up for 2024, these initiatives reflect a commitment to innovation, transparency, and customer satisfaction in the evolving landscape of general insurance.
