The crop insurance landscape in India is growing at a much faster rate than it was a decade ago. However, with the rising operations, there is a rise in operational inefficiencies that comes to the forefront. In this scenario, the right insurance technology solution plays a pivotal role in aiding insurers to increase their operational efficiency.
This case study will be dwelling upon the technological innovations that our client adapted to and the transformation that they saw in their operations. Additionally, the insurance technology solutions unlocked numerous growth channels, enhancing scalability.
Client Profile at A Glance
Our client is one of the leading and trusted private general insurers of the country. They are committed to catering to individuals across demographics and corporate sectors of the country with their wide range of products and services that go beyond insurance. They are not only interested in taking their services to the next level but also seek to provide the best customer experience at every touchpoint and make insurance a way of life for everyone.
Key Challenges Confronting the Client
Despite being one of the leading and trusted general insurers, our client faced a key challenge in enhancing crop insurance management. They were unable to streamline their operations and had difficulty in sorting and processing huge volumes of data that did not have an unified database.
Here are the challenges that our client faced in a nutshell:
Difficulty in Data Management
Our client faced the challenge of managing huge volumes of data. They had to manually sort and cleanse huge volumes of data due to a lack of an efficient system.
Data Grouping
Manual sorting and grouping of data based on the location and source led the client to create a group certificate collectively. Instead of creating a certificate individually.
Checking Data Validation
Checking data validation manually caused hindrance in the client’s operations. This significantly hampered their productivity.
Bulk Data Upload
The client faced a challenge of uploading bulk data on the NCIP portal, as they did not have an efficient system to automate data upload.
Reconciliation Report
The client faced the challenge of grouping data in less time and generating reconciliation reports.
Technological Solutions Implemented
The technological solutions from iNube enabled the client to address their challenges and also unlock scalable business benefits. The new technological solutions integrated enabled the client to streamline crop insurance data management and also enhance their operations with accuracy in workflows.
Here are the technological partnerships implemented by the client:
End-to-End Crop Insurance Management System
The end-to-end crop insurance management system enabled the client to seamlessly manage and streamline their operations. Additionally, they were introduced to the power of digitizing crop insurance data.
Inward Management
The client streamlined their operations with a robust inward management platform. The platform enabled them to upload crop data internally on the NCIP portal. Not only that, but it also offered workflows in their operations with the choice to approve or reject workflows.
Auto Declaration Module
The auto declaration module enabled the client to manage government subsidies along with their premium. It automatically generated an auto declaration number, and along with it, it conducted various levels of quality checks.
Master Data Management
The master data management platform enabled the client to manage multiple farmer data in a single unified platform. The client was easily able to view and upload data without having to go to multiple web portals.
Communication Management
The robust communication module enabled the client to enhance communication with the farmers and bank. It was also integrated with government portals for enhancing connectivity even more.
Reports and Dashboards
This module enabled the client to get an enhanced visibility into the number of cases pending for approval, rejected claims, data uploaded, claims status, and policies issued with automated reports generated.
Claims Management
The client installed an efficient claims management system that enabled them to manage and process huge volumes of claims.
Unleashing the Power of Digital Transformation-Customer Benefits
Unified Data Management
Multiple government portals are integrated for unifying crop and farmer data
Seamless upload and view of crop insurance data on the NCIP portal
Enhanced Visibility
Generated reports for tracking policies issued and claims handles
Productivity Gains
Increased productivity by digitizing crop data without manual intervention
Assigned roles and privileges to stakeholders for seamless case creation
Data Integration
Integrated multiple government platforms for unifying the upload of crop data
Reduced Human Errors
Human errors reduced with several validations for data cleansing
Reduced Operational Efficiency
Increased operational efficiency with claim handling efficiency
Enhanced Accuracy
Increased accuracy in amount calculations and data management
Unlocking Key Wins
2cr+ farmers enrolled
95L hectares of land insured
24L+ claims settled
The integration of the new system enabled the client to unlock different operational efficiency channels. The new technology integration enabled digitizing the crop data and also helped to unify crop data management. The client achieved unification in data upload and was also able to view the data uploaded on the NCIP portal.
Overall, the new system implementation enabled them to scale and bring innovation to the conventional crop insurance management.
