BACKGROUND
The client recently ventured into the agricultural insurance sector. With a focus on supporting farmers, their offerings were designed to provide financial protection against unpredictable weather conditions affecting crops. But the path for their approach was paved with challenges. These issues led to delays in policy issuance and claims processing, ultimately affecting their ability to serve customers effectively. Recognizing the need for improvement, the client sought solutions to streamline their operations, enhance decision-making, and adopt innovative insurance technology from industry experts.
CHALLENGE
It was essential to thoroughly examine the challenges to identify the primary obstacles in the client’s operations. The client faced inefficiencies and delays due to fragmented processes, lack of smart tools, and challenges in data capture and analytics. These issues resulted in longer turnaround times for policy issuance and claims processing, negatively affecting strategic decision-making and customer experience. Despite facing multiple issues in their end-to-end crop insurance process, it was clear that these difficulties originated from the core problem of fragmented processes.
Fragmented Processes
- The customer faced significant challenges due to their fragmented processes, which were not integrated or streamlined. This fragmentation led to delays and inefficiencies across multiple facets of their business operations.
Lack of Smart Tools
- The process of gathering and analysing data was inefficient and prone to errors. This limitation hindered the client’s ability to perform precise premium calculations, impacting the accuracy and effectiveness of their strategic decision-making and ability to respond to market needs effectively.
Inefficiency and Longer TAT for Policy Issuance and Claims Processing
- The process of issuing policies was time-consuming and contributed to delays. Claims processing was inefficient, because decision-making for claims lacked transparency and efficiency leading to slower resolution times, affecting the customer experience negatively.
Data Capture and Analytics Challenges
- The client struggled with properly capturing critical data necessary for effective product positioning and strategic decision-making. Additionally, there was a lack of capability for extensive reporting and analytics, which impeded their ability to make data-driven decisions and optimize their product offerings.
IMPLEMENTATION
By addressing this foundational issue, we could streamline their operations and enhance overall efficiency. Recognizing and resolving the root cause was pivotal in transforming their workflow and unlocking their full potential. To address these challenges, iNube implemented a comprehensive and intelligent Crop Insurance System. This end-to-end solution ensured the client could effectively realize their untapped potential and cross out the challenges that
Web Application for End-to-End Crop Insurance Management
- Designed and deployed a comprehensive web application to manage the entire insurance process – from policy to claims management efficiently.
Crop Cutting Equipment (CCE) Mobile Application
- Developed an advanced mobile application specifically designed to streamline the management and documentation of crop yields. This application allows users to efficiently record and track crop yields in. By facilitating efficient data capture and management, the CCE mobile application enhances operational efficiency and provides valuable insights for better decision-making in agricultural insurance and crop management.
Embedded Logic for Sum Insured and Premium Calculations
- Incorporated logic for calculating sum insured and premiums based on the scale of finance and premium master data, while also enabling claim settlement calculations that consider Threshold Yield (TY), Actual Yield (AY), and other relevant business parameters. This integration ensures accurate premium assessments and precise claim settlements.
Automated Inward and Kit Management
- Implemented automation for crop data management and policy processing to streamline operations. By automating the tracking, sorting, and recording of incoming crop data and policy applications, manual errors were eliminated, reduced processing time, and ensured accurate record-keeping. This automation enabled real-time visibility into crop assessments, improved coordination between stakeholders, and facilitated faster response times.
Intelligent Business Rules for Weather Insurance Claims
- Built and integrated intelligent business rules to manage and process weather-related insurance claims effectively.
Enhanced Reporting and Analytics Capabilities
- Implemented extensive management information system (MIS) reporting features to improve data visibility and reporting. This included a strong focus on data collection and analysis to support robust analytics, ultimately enhancing decision-making and operational insights.
BUSINESS BENEFITS
- 25%
Reduction in TAT for Policy Issuance - 15%
Reduction in TAT for Claims Processing
The implemented solutions transformed the client’s operations by a large margin. By integrating a comprehensive solution for their end-to-end operations, including claims and policy management, the client was able to obtain a seamless and streamlined workflow while a new opportunity for scaling up is now clearly within reach.
- Streamlined Operations: Web application for end-to-end claims and policy management enhanced the efficiency and integration of the entire insurance process.
- Improved Data Capture and Analysis: Crop Cutting Equipment (CCE) mobile application, coupled with embedded logic for accurate premium calculations and claim settlements, addressed previous data capture and analytics challenges.
- Enhanced Efficiency: Automated inward and kit management processes, significantly reducing delays and inefficiencies.
- Technology Leadership: Enabled early adoption of emerging technologies, aligning with the client’s vision to stay at the forefront of technological advancements in the industry. Enabled transparent and efficient decision making for claims.
The implementation of iNube Solutions’ Crop Insurance System transformed the client’s operations by addressing the challenges they faced, primarily the fragmented processes. Key improvements included streamlined policy issuance and claims processing, enhanced data capture with mobile and web applications, and automated management. This led to a 25% reduction in policy issuance time and a 15% reduction in claims processing time, positioning the client for scalable growth and improved operational efficiency.
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