Indian Insurance Industry is 15th Largest in the World. Gross premium booked in Non Life Segment is INR 96,400 crores during 2015-16. Non-Life Insurance Sector registered impressive CAGR of 17.6% from FY10 to FY15. (Ref: EY Report on 2025 Vision)
Low penetration rate in Non-Life Segment at just 0.70% of GDP is one of the biggest challenge for us. Reasons for low penetration are:
1 :
Poor customer services
2 :
High premium rates
3 :
Lack of insurance awareness
4 :
Inadequate coverage of Insured
5 :
Lack of innovative products
6 :
Low per capita income
We propose to work with all stake holders to improve upon the quality of customer services and create increased awareness about insurance products.
Penetration rate is inversely proportional to Premium rate. Higher the penetration, lower the premium rate. Pradhan Mantri Jan Suraksha Yojna (PMJSY) is one such good example. Market premium rate for PA cover of INR 200,000 is apprx INR 90, which has been reduced to INR 12. With the increased awareness, we are confident of higher penetration also.
Non-Life Sector today has more than 100 types of policies. Complicated policy wordings and Complicated Claims process make the selling more difficult. To start with, we have shared complete details about more than 25 policies. It includes Scope of Cover, Claim Steps, Document required, Online intimation of Claim, Online Claim Status, Online Hospital list & Online Garage list. All the information is provided free of cost to create better awareness about Insurance. Please do visit our site www.bimaclaim.in as we propose to go live on 28th April 2016.
Why Bimaclaim
1 :
With the increase in Online purchase of Insurance policies, number of pending and rejected Insurance Claims have increased drastically. We at Bimaclaim will be providing technical services to ensure correct settlement of Claim in time bound manner.
2 :
In a De-Tariffed regime, premiums have gone down drastically because of which Insurers are struggling with their bottom lines. Low margins have resulted in increased repudiation of Claims, which has created the need for Claims Specialist.
3 :
As per GIC Council, more than 25000 claims were reported as disputed in 1415. Out of which, 91% Claims were related to Motor & Health Insurance. We did a survey in last quarter of 2015 to identify the focus areas of improvement in Insurance Claim Services. Important Areas identified during the Survey are Claims Documentation, Claims presentation, Coordination with Surveyor & Coordination with Insurers.
At Bimaclaim, we plan to take over these irritants from our Clients by offering three types of Services:
1 :
Claim Queries for better understanding of Claims:
Correct interpretation of policy conditions is crucial to seamless settlement of Claim. Queries may be simple or complicated but it needs a proper understanding to avoid unwanted complications in Claims at the later stage. We assist our Clients by providing answers to their specific queries.
2 :
Claim Assistance for Standard Claims:
Through Claim Assistance, we will be involved right from the Claim intimation stage till the final payment of the Claim. Thus taking over all irritants related to the Claim.
3 :
Claim Consultancy for rejected & Complicated Claims:
Complicated Claims need Experts for proper presentation of facts & figures with the Claim Settling Authorities. With the reduction in insurance premium rates, we are now seeing the trend wherein number of repudiated Claims have gone up. In order to reopen such repudiated Claims, services of Expert is required. We have a Panel of Qualified & Experienced Professionals, who can assist you with Complicated Claims & Repudiated Claims.
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