When it comes to life insurance, you want to be sure that you pick an insurer who will promptly pay your claims as soon as they are due. In other words, you want an insurer who puts the CustomerFirst.
As a customer, who doesn’t want the best product at the best price with the best service? When it comes to life insurance, you want to pick the right plan at an affordable premium from an insurer you can trust to keep your money safe for the next 30 years or more. You want to be sure that you pick an insurer who will promptly pay your claims as soon as they are due.
In other words, you want an insurer who puts the CustomerFirst. Great customer service will be rewarded with great customer loyalty. But winning the customer’s trust is not the task of the customer-facing sales or customer service team alone. It is the result of the combined effort of every department in a life insurance company, including the Finance function.
Finance not only controls the flow of money but importantly, ensures that the company is fully compliant with all regulatory and taxation norms so that the customer’s money is safe at all times. Strong and transparent governance systems with 100 per cent compliance also provide the guardrails against fraud. In essence, being ComplianceFirst means being CustomerFirst.
We know this all too well at IndiaFirst Life Insurance. This core belief has guided the digitalisation and automation efforts of our Finance department and enabled us to deliver customer delight by offering:
Instant Payouts On Death Claims
Life's uncertainties come unannounced, and instant payments are a significant step in enhancing the customer experience. About four years ago, a brainchild was born as IndiaFirst Life’s Finance department pondered over a food delivery chain’s logistical functioning. We thought, “If they can make instant payments to their customers, why can’t we?”
Six months later, we introduced instant pay-outs for death claims on certain policies. Today once the claim is approved, we settle hundreds of claims via instant payouts, either immediately or within 24 hours. We have collaborated with a banking partner to streamline the payout process so that upon final approval, the money instantly hits the customer’s account, even if it is at 11pm at night.
Instant payouts 24/7 were possible because we automated our systems to track and replenish liquidity whenever a claim is settled. The in-built system raises a request to the investment team for replenishment of the funds so that the organisation is ready to release customer payments instantly. Integrating across functions and incorporating automation empowers the Finance function to serve customers faster and better. Digitalisation has not just improved operational efficiency, it has delivered higher customer satisfaction, as shown through improved NPS scores.
We started with round-the-clock payouts for death claims for retail customers initially, and have now extending this facility for group customers as well.
Early Payouts On Maturity
As a customer, how many times have you had to face delays in receiving your maturity claims because of bank holidays? At IndiaFirst Life, we have geared up our Finance systems to make early payouts on fixed maturity plans. So, in case of a holiday or long weekend, we pay the maturity claim before the due date. And this could even be as early as T minus 4 days.
How you can help us service your claims better
When families have to put in a claim for life insurance, it is often at an emotionally testing time. It is crucial for us insurers to make this process as easy as possible by streamlining and expediting processes, removing delays and fixing documentation mismatches. We know that customers can quickly abandon an insurer with overly complex processes, and we don’t want to put client trust at stake.
But We Can Only Do This If You As A Customer Enable Us By Providing:
Correct information at the time of onboarding:
Non-disclosure or false information is one of the biggest reasons why claims are rejected. Since an insurer fixes the premium and risk coverage on a policy on the basis of factors like the customer’s age, profession and medical history, any misrepresentation can lead to the claim being denied. Hence, it is important for you as a customer to provide the correct information.
Besides, no financial transaction can be processed without the customer’s correct KYC information. Hence, you must update your address and bank details at all times so that the insurer can pay the claim in the correct bank account 10 years or even 30 years down the road.
Updated nominee details:
In case of an unfortunate event, the insurer will pay the survival or maturity claim to the policyholder’s nominee. As a customer, you buy insurance to protect your family. In your absence, you don’t want them to go through lengthy documentation procedures to prove they are your rightful heirs just because you failed to provide or update the nominee details. Help us help your family by updating your nominee details today.
Correct documentation at the time of claim:
It is essential that you provide the correct information to receive any claim. This includes the beneficiary and insured’s full name and identify proof, policy number, copy of the original policy, policyholder or nominee’s bank account details, fully completed and signed claims form, and other documentation as required such as a death certificate, medical report or police FIR (in case of an accident). Incomplete documentation can cause unnecessary delays in the verification and processing of claims.
Prompt payment of claims is a key factor for customers while choosing an insurer. And the Finance function is integral to meeting these expectations. While the Finance department at IndiaFirst Life leaves no stone unturned to ensure compliance and swift processing of claims, it is equally crucial that our customers to help us fulfil our financial obligations ethically so that we can live up to our promise of putting the Customer First.
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