The motor insurance sector is increasingly acknowledging the critical need for advanced technology solutions to stay competitive and efficient. With the rapid digital transformation of traditional processes, insurance technology is becoming essential in optimizing end-to-end operations, from policy issuance to claims management. This case study illustrates significant advancements in technological adoption, focusing on innovations in pre-inspection processes implemented with one of our leading clients. By leveraging these technological advancements, the client has achieved notable improvements in their operation and service which helped them crack down on fraud and obtained several other benefits including easing the customer journey significantly.
Background
Our client is a leading indigenous Islamic insurer, Takaful, based in Oman, providing comprehensive insurance solutions, with a diverse range of products including motor, health, and liability insurance, they serve both rural and urban areas across the Sultanate. Committed to Sharia compliance, the company focuses on delivering innovative, value-driven insurance services tailored to individual needs.
Challenges
- Lack of complete operational overview led to undetected fraud for non-existent damages.
- Inefficient internal resource allocation led to multiple daily cases being assigned to underwriters simultaneously.
- High customer churn rate due to the inconvenience of visiting the underwriter’s office for vehicle inspection and documentation.
- Customer dissatisfaction stemmed from cumbersome procedures and delays.
Solution Implemented
- A secure digital platform, Vehicle Inspection Solution
- Enabled live image uploads with precise location tracking, validating each policy issuance against actual documentation and location.
- New system to auto assign cases to underwriters using a smart queue monitoring system.
- Enabled customized web and mobile applications for uploading vehicle information and documentation needed for underwriting.
- Set-up automation of report generation during underwriting for faster process of the inspection.
Business Benefits
Fraud-free, Reliable Inspection Process
Enhanced real-time verification & automated the pre-inspection process reducing frauds in policy issuance which safeguarded financial resources, enhancing overall trust and integrity in the insurance process.
Automation of Resource Allocation
Efficient and effective use of internal resources led to better case management, streamlined processes, minimized redundant efforts, and improved productivity.
Improved User Experience
Simplified and accelerated policy issuance to improve customer satisfaction for and retention, leading to increased policy uptake without droppages and operational efficiency.
Enhanced Operational Efficiency
This Smart technology-driven solution further streamlined vehicle inspection processes, enhancing operational efficiency and ensuring greater trust among policyholders and stakeholders.
