New India Assurance (NIA) is looking at automating the claims registration process on a 24x7 basis to reduce the turnaround time (TAT) for settlements. "We are planning to automate the claims registration process on a 24x7 basis along with the allocation of surveyor in an automated manner.
We are also trying to empower surveyors to submit their report on portal and upload various required documents," New India Assurance general manager (IT), Anil Kumar told PTI. He said the system had gone live since August 20 at few locations for a particular B2B tie-up. "Based on the success of this (system), we will replicate this model on all-India basis," he added.
On a similar line, NIA is also integrating its core banking solution with a private sector bank, he said. "We took this market requirement and integrated our core insurance solution with the core banking solution of one of the private sector banks," Kumar said. NIA implemented core insurance solution countrywide in 2012.
"All of our 2,000 offices are now able to transact business through this solution which takes care of entire underwriting processes for over 150 products. The core insurance solution also takes care of claims and accounting requirements along with re-insurance portfolio," Kumar said.
The NIA has tie up with several original equipment manufacturers where the policies are generated by integrating their system with its system on a real time basis, Kumar said, adding that this process reduces the TAT for policy issuance to a great extent.