Streamlining Data & Integrating Operations to Transform Traditional Crop Insurance System

CLIENT BACKGROUND

The client is a renowned General Insurance provider recognized for their excellence in offering various insurance products, including motor, health, travel, home, and personal accident insurance. One of their core areas of focus is the agricultural insurance sector. Given the importance of this niche, which involves handling complex data from multiple sources,

CHALLENGES

Despite our client’s achievements in the agricultural insurance sector, they encountered significant challenges that impacted their operations. These included inaccuracies in calculations, cumbersome reconciliation processes, and slow response times. The high volume of complex data that needed to be managed, coupled with the necessity for extensive validation and sanity checks, further exacerbated these issues, affecting their overall efficiency and growth potential. These challenges highlighted the potential that our client was unable to actualize.

1. Manual Processes was Highly Time-Consuming, which led to inefficiencies and delays in policy issuance and claims management.
2. Handling Data from Multiple Sources increased the complexity of data management and processing. Handling large, complex data bottlenecked the existing system due to inaccuracies and inefficiencies in processing data from multiple sources, such as banks and government portals.
3. Manual Calculations of sum insured, premiums, and claims increasing the risk of human error and inconsistencies. This resulted in inaccurate calculation of Crop Cutting Experiment (CCE).
4. Complex Data Processing large volumes of data.

IMPLEMENTATIONS

Our team reviewed the primary needs of our client and discovered they were in dire need of a holistic approach to address their challenges. Streamlining these challenges to enhance productivity and accuracy was crucial for their operations, highlighting the need for a Comprehensive Crop Insurance System.

1. A Comprehensive Data Processing Solution to sort, cleanse, and process large volumes of data before it was pushed to the core application for policy issuance and claims management.
2. Automatic Data Sorting at the village and crop level, streamlining the process for policy issuance.
3. Smart Calculation Logic for calculating the sum insured and premiums, allowing for flexibility and accuracy in financial computations.
4. Multiple Levels of Validations and Sanity Checks with workflows to handle deviations, ensuring data integrity and accuracy in sum insured and premium calculations.
5. Premium Payment Reconciliation from various sources such as state government, central government, and farmer share, to ensure accurate and streamlined financial records.
6. Embedded Logic for Claim Calculation across different schemes like PMFBY and WBCIS to ensure precise and consistent claims processing.

IMPACT CREATED

• 1,000,000+
  farmers across 40 districts onboarded to date.
• ₹46 Bn+
  sum insured with INR 6 billion premium collected across 57 different crops.

BUSINESS BENEFITS

• Enhanced Forecasting and Planning: Accurate estimation of crop yield from the field enabled by the CCE Mobile App improves forecasting and strategic planning, leading to better decision-making for farmers and insurers and optimizing resource allocation and risk management.
• Efficiency and Accuracy Improvement: Streamlined processes lead to faster and more accurate policy issuance and claims management, while also reducing human error in premium calculations and providing more precise crop yield estimation.
• Scalability and Cost Reduction: Enhanced ability to manage and process large volumes of data and onboard a significant number of farmers efficiently, while lowering labour costs and reducing the need for manual intervention in data processing and validation.
• Productivity Gains: Increased operational productivity by automating complex data handling and calculations.
• Data Integration: Improved integration and reconciliation of data from multiple sources, such as government portals and banks.

The implementation of the iNube Solutions’ Crop Insurance System significantly improved the client’s policy issuance and claims management by streamlining data processing and calculations. This led to enhanced accuracy, efficiency, and opportunities for scalability, benefiting over 1 million farmers and managing a substantial insurance portfolio.

Do you want a similar transformation for your organization? Join the bandwagon today!