Insurers focus on claims once they’re filed, but many are lost before that, at First Notice of Loss (FNOL). Here’s why automating FNOL is the fastest way to fix insurance’s non-claiming problem.
Kotak Life successfully introduced an innovative on-demand micro life insurance in rural India, to promote financial inclusion in emerging markets. We spoke with Rahul Khajuria, Vice President of Kotak Mahindra Life, about how they used the full-stack Briisk Instant Transaction Platform and the Briisk Insurance Module to digitise their “Sampoorn Bima” mini life insurance and savings programs.
Kotak’s business is being digitised at the group level, and we started an agent application where our salespeople capture data as early as 2014, 2015. Our company’s channels; including training, engagements, and business sourcing payments, are now entirely digitised. We realised the necessity of digitisation a long time ago and that people want to consume items digitally using cellphones and gadgets.
We examined the market at Kotak and discovered that the young generation is more prone to using modern tech. As a result, we should be able to offer goods that cover entire digital experiences in the future.
We have not encountered any problems during our journey. The majority of channels are uncomplicated and straightforward. When comparing Sampoorn Bima products to competitors, we receive excellent comments from our partners. Compared to other similar partners, they claim that the route is quick, and the process is simple to finish. Because the Sampoorna Bima trip is simplified, there is a high adoption rate.
Briisk has a strategic partnership with the entire rural channel for this product. Previously, the Sampoorna Bima product was paper-based, with time-consuming logistics, data entry forms, and quality checks, resulting in a two-month average turnaround time. However, digitisation can complete the entire procedure in as little as 10-15 days. Payment services have also seen a 60% reduction in cycle time.
The cost of acquiring a customer has been further reduced due to lower paper costs on the proposal form. So, after that, the only paper expense we have today is for the policy paperwork, which still needs to be physically mailed to a customer since the regulator mandates it.
Even though Kotak was a latecomer to this product area, we have a far greater adoption rate than Kotak’s competitors and some of the industry’s oldest companies, giving us an advantage.
We’ve detected no problems with Sampoorn Bima, but the traditional paradigm had many difficulties with document collection, physical paperwork, and coordination. It was a waste of time and money to transport the forms from the field to the head office and convert the data. We are now using the digitised product to reach out to people worldwide.
Briisk has provided a management information system (MIS) to track the business. We instantly acquire the customer’s contact information from the system and engage with them if the product has quality issues. All our agents find the system very user-friendly, and we haven’t received any complaints about the platform’s usability.
We haven’t had any significant issues with Briisk’s platform, and their tech team is responsive. All our partners are happy with the service.
We’re recommending the Briisk solution to several Kotak partners, as they are one of the most reliable partners we’ve worked with thus far. Even our internal managers have given us highly favourable feedback, and we are in the process of renewing our affiliation for the future.
Briisk is a high-growth technology company. Our core service is an instant transaction platform for the digitisation of the insurance and financial services sector.
Connected to this instant transaction platform, we provide the simple click-and-transact of insurance products and financial services at any online marketplace:
Insurers focus on claims once they’re filed, but many are lost before that, at First Notice of Loss (FNOL). Here’s why automating FNOL is the fastest way to fix insurance’s non-claiming problem.
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