Revolutionising Insurance with Financial Insights
Did you know that insurance fraud costs the Indian insurance industry approximately $6 billion USD annually? Or that about 60% of Indian private insurers have observed a significant rise in fraud instances? These challenges, along with the increasing demand for personalised services, are prompting the insurance industry to rethink its approach.
Enter the Account Aggregator framework, which is reshaping how insurers operate, and revolutionising the industry in leaps and bounds!?
Let's explore how the framework is unlocking new opportunities for growth and innovation.
1. Improved Processes Through Financial Underwriting
The underwriting process is literally the backbone of insurance. If it’s not done right, everything falls apart. The AA framework simplifies this process by securely providing access to customers' bank statements.?
With this treasure trove of data, insurers can:
This shift from manual processes to automated insights not only reduces errors but also speeds up decisions, ultimately offering a smoother and more efficient customer experience.
Finarkein ensures seamless integration, allowing you to easily access and analyse financial data for faster, more accurate underwriting decisions.
2. Reducing Risk with Claims Verification
Fraudulent claims have been a thorn in the side of the insurance industry for a very long time. But now, insurers can spot discrepancies or fraudulent activities before they become a problem. For example, during health insurance claims, monitoring whether a customer has been hospitalised can be cross-verified with the account data fetched from AAs.
Thus, insurers can better protect themselves from fraud and ensure that legitimate claims are handled swiftly and accurately.
3. Enhancing Policy Renewals
How often do people miss their premium payments and then scramble to restore coverage? We help in:
This approach prevents policy lapses and also boosts renewal rates, ultimately resulting in strengthened customer loyalty.?
As we've seen, financial insights are driving significant changes in how the insurance industry operates by streamlining processes, reducing risks, and enhancing customer experiences. But these are just a few of the many ways this transformation is unfolding.?
Stay tuned for our next blog, where we’ll dive deeper into more innovative use cases that are taking the industry to the next level. We’re just getting started on this exciting journey, and there’s much more to come!