Insurance Industry

Ensuring Compliance

SYNOPSIS

Insurance is a financial tool specially created to reduce the financial impact of unforeseen events and create financial security. The insurance industry in India is a fast-growing segment and is a major contributor to the Indian economy. The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.

CHALLENGE

One of the major challenges that the Indian Insurance companies face today is in terms of distribution of its policy kit to the customers. With IRDAI introducing a customer friendly Free-Look period policy, it gives the customer choice to cancel the insurance and take a full refund if the insurance terms are not met, which also includes non-receipt of physical policy kit by the customer within a set period of time. Therefore, it is highly imperative for the insurer to comply with the IRDAI guideline at all times.

OUR SOLUTIONS

Avon’s sophisticated Mail Management solutions plays a crucial role in handling the above said challenges thereby helping the insurance company be complaint with the regulatory body norms, concentrate on core activities and save cost, time and infrastructure.

The solutions addresses all the critical and challenging business situations mentioned above and more by automating and bringing real-time visibility to the operations.

Challenges vs Solutions

  • Diverse terrain & size of the country

Avon’s multi-vendor concept addresses this concern thereby servicing every nook and corner of the country.

  • Quality of address

Automatic & proactive Address curing – Auto System prompts in case of short/incomplete/mis match in address before dispatch.

  • Return Management & warehousing

All return shipments are sequentially stored in Avon facility for further curing and redispatch.

  • Intermittent or No real time visibility of courier whereabouts

Multi modal tracking of courier including IT integration for automatic tracking.

  • Dependability on multiple courier partners

The insurer will have a one stop shop and does not need to rely on multiple courier partners.

  • Multiple courier partner tracking & billing management

One stop shop for the insurer

  • Minimal authentication of courier bills due to several courier vendor bills

A single, consolidated and authenticated invoice

  • No / Minimal automation

Automation is the key. In – house developed, intelligence infused & machine learning software to automate the end to end process.

Avon’s Mail Management Solutions comprises of

  • Reconciliation at every stage of operational activity
  • Visibility and transparency of all operational activities
  • Auto Address curing – Auto System prompts in case of short/incomplete/mis match in address before dispatch
  • Caters to All India pincode
  • One stop-shop for the insurer
  • Single authenticated bill

Cost saves due to

  • Increased reach & reduced return/undelivered
  • Address curing before dispatch
  • Storage and management
  • Direct dispatch to agent/channel partner/insurer branch on case to case basis
  • Strategic geographical office setup catering to respective zone

 

RESULT

We have been able to offer most of our clients 15 to 30% savings in their mailing costs with increased process efficiency and visibility due to our superior solutions, industry expertise & best practice adaptation.

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