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India InsurTech Thought Leadership

Thought Leadership by

Highlights on Insurtech

What is Insurtech? Insurtech is an amalgamation of Insurance processes/Protocols and Technology

Why Insurtech? The world is heading towards technology, and so is the insurance sector – a core sector of any local and global entity. Insurtech is nothing but the technologically evolved form of the insurance industry that focuses on providing better services to its customers. Insurtechs consider its significance to entire masses, communities, and ecosystems!

Major Current Loopholes in the Insurance industry process Vs Advantages of  Digitalization

Long TAT for processing claims

  1. Loophole: Due to long TAT, the patient usually is kept waiting at the Hospital until the cashless claim is approved. This, in turn, creates long queuing for other patients to be admitted for the availability of beds

Benefits of digitalization for:  

  1. Claimant/Provider – It will shorten the TAT and prevent Claimants from waiting unnecessarily, as timely planning and notifications will be sent across if its standard Digital Process

  2. Insurer – By reducing the TAT and queuing of claims drastically

  3. Loophole – Requirement of a separate department of customer care to constantly follow up to get the necessary query answered for claimants or that required by insurer

Benefits of digitalization for: Claimant/provider –The protocol will be timelier, more standardized, and more systematic for all!

Insurer – When a separate department works for customer queries, insurers can focus more on other important and brainy areas which require human intervention and in turn save Cost to them.

  1. Loophole – Increase in the no. of grievances from claimants and raised ombudsman cases due to unprocessed claims (that too happens because of not addressing the query on a timely basis).

Benefits of digitalization for:

Claimant/providers – The claim might not end up unprocessed or simply in a closure without a final Decision for long days/Months which happens currently in the Insurance industry

Insurer – The no. of grievances will reduce drastically, thereby having more time available to focus on other important areas!

Unstandardized and non-systematic protocols

Loophole – Absence of standardized systematic processes and protocols in different insurance companies.

Benefits of Digitization for

Claimant – It will give them clear-cut clarity on the data and fair analysis of the claims that they have lodged and any fraudulence can be curtailed

Provider – It will be easy for the Provider, as the data sharing protocol for each insurance   company will be standard

Insurer – The standardized systematic process and protocols will help insurers in saving time for claim analysis that in turn will reduce the fraud cases manifolds. Also, it’ll help in the quick identification of any kind of data discrepancy.

Incomplete Knowledge for claimant and Providers

Loophole – There are a lot of areas on which claimants and providers don’t have complete knowledge, like the docs that need to be submitted, what’s admissible and what’s not, etc.

Benefits of digitalization for:

Claimant/Provider – They can have a better understanding of the claim they have to submit so that unnecessary analysis can be avoided and they don’t have to get in touch with the insurer every time.

Insurer – It will reduce Insurer’s time in giving understanding to each claimant every time through their customer care team, as through digitalization it will be standardized and will be easily available in one go.

Accuracy in Processing and Unnecessary manpower

Loophole – A lot of time is wasted in processing a single claim and that too without up-to-the-mark accuracy

Benefits of Digitalization for:

Claimant – Fewer grievances and queries and a better understanding of claims as everything will be standardized.

Provider – Fewer grievances and queries and better and quick payments of claims, as everything will be standardized without any biasedness.

Insurer – The manpower applied for claim processing will be reduced and diverted towards more important tasks which require Human interventions.


The above Major Loopholes will definitely have better resolution with help of Digitization i.e., Insurtech (Insurance amalgamation with technology) and in turn, the Time, efforts, and Money spent by everyone in this chain will be diverted towards more fruitful areas and Results, where human intervention is mandatory. Moreover, Humans will have more time and precious Brain ideas that they can spend in core areas such as Health Wealth, society, and overall. 

So We along with my team, at Artivatic-Renewbuy are in the process of coming up with inhouse AI(Artificial Intelligence) driven smart Technology Products like Alfred, and Ausis, which will surely smoothen, Enhance, Digitize, standardize, and definitely quicken the overall current process existing in Insurance Industry.

Author: Dr. Minal Rohit Muni, Sr.Manager – Products (Health),

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of IIA and IIA does not assume any responsibility or liability for the same.

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