CLIENT BACKGROUND
The client is one of the key players of general insurance in India, known for their comprehensive range of insurance products and customer-centric services. They offer various insurance solutions including health, motor, home, and travel insurance. Recognizing the unique challenges faced in the agricultural sector, they also provide specialized crop insurance under the Pradhan Mantri Fasal Bima Yojana (PMFBY) to support farmers. But the unexpected growth in applicants for Crop Insurance, fueled by incremental support and financial moves from the government, has highlighted the need for smarter insurance technology that needs to be incorporated in their day-to-day operations.
CHALLENGES
The client faced several operational inefficiencies in managing their crop insurance processes. Their system followed traditional methods of manual processing, including the use of manual labor for CCE and premium calculation. As can be expected with large computational data in the hands of human resources, inaccuracies and errors were abundant. With the impeding pressure from stakeholders need for an accurate, transparent, and unified system to handle the ever-growing data and information, it was necessary to view the challenges in a deeper level to isolate the exact issues.
- Manual Handling of Agriculture Insurance: The process of managing Agriculture Insurance operations, including validation of farmer data and calculation of premiums and sums insured, was performed manually, which was highly time consuming and led to inefficiencies.
- Resource Requirement & Human Error: Managing the processes required significant human resources, which increased operational costs and heightened the risk of errors during premium calculation and data validation.
- Scalability Issues: Difficulty in handling the increasing number of applicants for Crop Insurance, particularly with the additional support and financial moves from the government.
- Inaccurate Data Collection: The lack of a technological solution made it challenging to collect accurate data for crop yield estimation, affecting the reliability of the insurance process.
IMPLEMENTATIONS
On closer examination of the challenges the client faced, it was evident that a holistic implementation approach was necessary to seamlessly and efficiently address them. iNube Solutions’ Crop Insurance System was ideal for the core implementation, as it adapts seamlessly and hassle-free to any niche in the insurance industry, according to the client’s needs. Thus, starting with the automation of policy issuance and claims processing, our team worked on to eradicate troublesome manual operations to smoothen the client’s system end-to-end.
- Automation of Policy Booking and Claims Processing:
Implemented an automated system streamlined the validation process of farmer data, and the calculation of premiums and sums insured. This tackled several challenges that primarily plagued the client.
- Inward Management:
Established a comprehensive inward management system to efficiently handle the intake of policy applications. This system streamlined the initial processing stage, ensuring that applications are accurately and promptly recorded, facilitating smoother subsequent processing and reducing administrative bottlenecks.
- Crop Cutting Experiment (CCE) App:
Enable precise and real-time data collection directly from the field through the CCE app. This app facilitates accurate crop yield estimation by capturing detailed data on crop conditions and yield metrics. By providing reliable, field-based insights, it enhances the accuracy of crop yield data, leading to more precise insurance assessments and improved decision-making in the insurance process.
- Integration with Stakeholder:
Integrated the Crop Insurance System with key stakeholders, including banks, insurance companies, and government portals. This integration streamlined operations by facilitating seamless data exchange and communication, enhancing coordination across various entities involved in the insurance process.
IMPACT
2000+
districts with 17700 farmers onboarded till date.
200 Mn+
sum insured with 28 million premiums collected across 300 different crops being managed currently.
BUSINESS BENEFITS
The implementation of the intelligent Crop Insurance System transformed the client’s operations, “yielding” significant business benefits. Previous challenges were overcome, opening opportunities for scaling up. With accurate, almost error-free calculations, the client can now “harvest” previously untapped potential.
- Increased Efficiency and Productivity:
Automation of Policy Booking and Claims Processing reduced processing time and effort. This led to faster policy issuance and claim settlements, enhancing overall operational productivity.
- Cost Reduction:
By minimizing the need for significant human resources through automation, operational costs were lowered. This not only reduced labor expenses but also minimized the risk of costly human errors.
- Enhanced Data Accuracy and Reliability:
The Crop Cutting Experiment (CCE) App provided precise, real-time data collection from the field, leading to more accurate crop yield estimations. This improved the reliability of insurance data and decision-making.
- Streamlined Operations:
Inward Management efficiently handled policy applications, reducing administrative bottlenecks and ensuring accurate, prompt processing. This improved overall operational flow, especially the initial stages of policy management.
- Improved Coordination and Integration:
Integrating the insurance system with key stakeholders (banks, insurance companies, government portals) facilitated seamless data exchange and communication. This enhanced coordination across various entities, improving the efficiency and effectiveness of the insurance process.
- Enhanced Customer Satisfaction:
Faster processing times and accurate insurance assessments improved the customer experience, providing quicker resolutions and greater reliability in policy and claim handling.
- Scalability:
The technological solutions enabled the system to handle a large volume of applicants and claims, addressing scalability issues and accommodating increased demand efficiently.
Automating this Client’s Crop Insurance System addressed operational inefficiencies they were facing. Replacing these manual processes with streamlined technology led to faster policy issuance, accurate data collection, and reduced operational costs. The solution onboarded 17,700 farmers across 2,000 districts, managed ₹200 billion in insurance, and improved coordination with stakeholders, enhancing overall efficiency and customer satisfaction.
Manual, fragmented system plaguing your operations and hindering your organization from scaling up? Contact us and learn how seamlessly you can adopt this intelligent insurance technology to your core system.
