The best way to make your company grow is to change with the changing times. Bajaj Allianz General, a private general insurance company in India, which is a joint venture between Bajaj Finserv Limited owned by the Bajaj Group of India and Allianz SE, a German financial services company, has decided to embrace this learning and make way for in trend technologies in order to provide their customers the best service possible. The company recently announced that they have started using Blockchain technology to provide people a smooth settlement process in the travel and motor segments.
Talking to Business Line, Sourabh Chatterjee, Head-IT, Web Sales and Digital Marketing, Bajaj Allianz General Insurance said that employing Blockchain technology has significantly helped the company in bringing down the current settlement turnaround time for some plans from days to just a few minutes, which is great for customers and the company alike.
For the unversed, a blockchain is basically an anonymous online ledger that makes use of a data structure to make the process of transaction an easier and simpler process. It provides users the ability to manipulate the ledger in a safe way without seeking the support of a third party. In the past, we have covered various stories on how the technology is invading financial institutions like banks (Read Here) and electronic voting systems in several countries (Read Here), including India.
Chatterjee further shared that the technology has allowed the company in integrating with different travel providers in order to initially start this new offering from travel alliance.
The Pune headquartered insurance company has unveiled ‘Travel Ezee’, which is an overseas travel policy that will be proactively informing customers about is they’re eligible for a payout in case there’s an overseas flight delay situation.
While until now, it was the customer’s responsibility to register the claim and submit the certificate of delay from the airline along with the claim form. But, with Travel Ezee using Blockchain, the claim process is initiated on its own and the customer is informed accordingly. It makes things easier for customers as they don’t have to go through the hassle of filing for an overseas flight delay to receive their claim.
Not only travel, Bajaj Allianz General is also employing the power of Blockchain in motor claims. The insurance company has launched ‘On The Spot’ facility for motor claims, which will reduce the motor accident claims time period from the typical five-seven days to a mere 20 minutes.
According to Chatterjee, since over 65 per cent of the motor claims that the company receives are minor claims with loss amounts of less than ₹20,000. Using Blockchain will not only help them in speeding up the claims process time for these minor claims, but also the process for bigger claims.
For availing the ‘On The Spot’ facility for motor claims, a customer is required to self-inspect their car and then file a claim through Bajaj Allianz General’s insurance wallet app along with pictures of the damaged vehicle and policy/bank details.