SUNIL JAIN CTO, Pramerica
In an industry where accuracy and agility define success, technology has emerged as a decisive differentiator. Echoing Sherlock Holmes' timeless wisdom, "It is a capital mistake to theorize before one has data," Pramerica Life Insurance's approach is rooted in leveraging data to pre-empt challenges and deliver unmatched customer experiences. Sunil Jain, Chief Technology Officer, Pramerica Life Insurance, explains how this strategic shift is reshaping the narrative of insurance in a technology-first world, blending operational efficiency with a customerfirst ethos.
ONE OF OUR KEY INNOVATIONS IS A SILENT INVESTIGATION, WHERE WE GATHER AND VERIFY CRITICAL DATA WITHOUT BOTHERING THE CUSTOMER.
Pramerica Life has significantly reduced claims settlement time through tele-investigation and online verification. Can you share the technological framework behind this success? How do you address challenges like data accuracy and scalability?
At Pramerica Life, we've made it our mission to enhance the customer experience, especially during critical moments like claims processing.
We have adopted a robust technological framework that leverages tele-investigation, QR code scanning and online verification systems to streamline operations and reduce settlement time significantly-by 25%, from 4.1 days in FY23 to just 2.9 days in FY24.
One of our key innovations is a silent investigation, where we gather and verify critical data without bothering the customer. For instance, we tap into trusted databases like CIBIL for credit history and the Insurance Information Bureau of India (IIB) to validate claims. These integrations help us perform quick, accurate assessments while ensuring compliance.
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