Bajaj Allianz Rides IT For Speedy Claim Settlement

Thiruvananthapuram: | Updated: Jun 27 2003, 05:30am hrs
Its automation, and not sales, that has grabbed the attention of Bajaj Allianz General Insurance Company. The companys software research and development (R&D) division has been told to stretch its homemade Claims Automation software to cover all its products.

The target is to bring niche products in fire, engineering etc, into the fold of speedy claims. Already issuing policies, processing and settlement are online, Bajaj Allianz General Insurance (Bajaj Auto- Germany-based Allianz AG JV) CEO Sam Ghosh told FE here.

The company has been investing heavily in software R&D. Trusting machines pays, according to Mr Ghosh. This has not only minimised personnel costs, but has also revved up client servicing.

Because of prioritising networking, any of the 38 offices or any of the 1,000 intermediaries can issue a policy without depending on the headquarters. For instance, we have issued over 9,000 policies in a single day last year. In case of a marine policy, clients can print a document necessary for all import or export of goods from their own location. This replaces the chore of sending invoices to the insurance company and waiting three to five days for receiving the certificates, Mr Ghosh said.

An in-house R&D team is currently working on a Data Warehousing model to keep tabs on the time taken for every individual claim settlement.

Bajaj Allianz has settled over 80,000 claims worth Rs 75 crore in 2002-2003.