How technology is helping PoSPs effectively bridge the last-mile gap in insurance delivery
By Dhruv Sarin
The last decade has been historical and a rather vital one for the Indian tech industry. It has not only accelerated the pace of India’s growth story but also boosted the nation’s evolution into a digitally empowered society. Fueled by a multitude of factors including favorable government and regulatory policies, a burgeoning startup ecosystem, and a massive pool of skilled human resources, it has had a remarkable upward trajectory. The tech services industry in India is expected to end FY24 with $253.9 billion in net revenues. This growth has permeated all sectors of the economy, including the insurance industry. With increasing internet penetration and smartphone adoption, insurers are leveraging digital platforms to reach a wider audience, simplify transactions, and offer customized products and services.
Advanced tech innovations allow PoSP agent partners to consult and sell insurance products across the length and breadth of the country – from metro cities to the remotest parts of the country. This, coupled with the offline capabilities of the PoSP (Point of Sale Person) model, is bound to help the industry inevitably achieve its dream of ‘Insurance for all by 2047.’
Elevating customer experience; the topmost priority
Technology has transformed the way insurance is sold and bought. PoSP agent partners are now equipped to cater to the unique needs of each customer with digital tools for comparison, interactive calculators, and instant quotes. Studies show that while customers prefer researching insurance products online, they ultimately want to buy offline from a familiar face. Digital portals and mobile apps are bridging this gap effectively. Customers can search for insurance products online and complete their purchases through PoSP agent partners offline. Additionally, digital documentation and e-signatures have eliminated the burden of cumbersome paperwork.
At PB Partners, we leverage AI and Machine Learning to empower our partners with tailored product recommendations tailored to their customers’ unique needs, facilitating lead conversion with precision and efficiency.
The onboarding of agent partners by insurtechs has also become much simpler now, thanks to advanced mobile applications like PB Partners App. Relationship managers use these apps to onboard agent partners swiftly, while the PoSP agents use these apps to pull quotes and identify the best plans for their customers.
Flexible payment terms for financial empowerment
Traditionally, insurance agents have always been constrained by fixed payment cycles with little to no flexibility. However, with new-age payment mechanisms like On-Demand-Payout, PoSP partners can now request payment at any time during the payment cycle, offering greater financial freedom and flexibility. This incentivizes agents by letting them earn income with every customer they bring in, without waiting for a specific payday. With ODP, we have just recently enabled partners to redeem their earnings as per their working capital needs, which is in turn helping them grow their business.
Digital upskilling programs for an enhanced intellectual growth
Digital training programs enable agent partners to enhance their skills remotely without disrupting their daily routines, empowering them intellectually to serve their customers better. Advanced digital platforms offer comprehensive training including product knowledge, sales techniques, and regulatory compliance. Virtual mentorship programs pair experienced PoSPs with newcomers, providing personalized guidance and support. These programs facilitate knowledge sharing, foster a sense of community among PoSPs, and accelerate the learning curve for new entrants into the industry.
Empowered agents are better equipped to assist customers in securing their future financially by choosing the right product for them. This is helping reshape India’s insurance industry from a push-based to a pull-based model.
Streamlining ‘the ultimate moment of truth’
The biggest moment of truth in the insurance industry lies in claims processing. Customers have an inherent preference for on-ground support and purchase insurance with the expectation that insurers will come through for them in times of need and process the claim swiftly. PoSP agent partners play a crucial role in ensuring that this trust remains intact and the claims process remains efficient. PoSPs, with the help of self-assessment tools, can expedite claims processing and provide timely assistance to policyholders when they need it most.
In the case of motor insurance claims, AI-backed functionalities like PB Inspect allow customers to upload pictures and videos of the damaged vehicle. These visuals are then analyzed by advanced tech functionalities to assess the degree of damage, automating the initial assessment process. This not only accelerates the claims process but also minimizes the need for physical inspections, reducing the time and effort required from both customers and insurers. Furthermore, AI algorithms can identify patterns and flag potentially fraudulent claims, enhancing the overall integrity of the claims process.
The future looks promising for the Indian insurance industry as we progress towards our vision of ‘Har Family Hogi Insured.’ The collaborative efforts of technology and PoSP agent partners are helping create a future where financial security is within reach for every citizen across rural and urban India.
(The author is Dhruv Sarin, Chief Business Officer, PB Partners, and the views expressed in this article are his own)
