Some projects: (1) - to serve rural/ semi urban markets in a cost effective manner
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Celent recently requested nominations for the inaugural Asia Insurance Technology Awards. The purpose of the awards was to recognize excellence and innovation in the use of technology within the insurance industry. I am happy to say that we received many quality submissions, a number of which were presented with awards at a ceremony held in Seoul on 9th November. In this day and age it is common for insurers to focus their attentions on cost reduction projects and to focus their attentions on mainly urban areas that are most likely to deliver ongoing new and renewal business. It was therefore encouraging to see that one of the award winning entries took a very different path by implementing a technology based solution that made it easy for people in rural/semi urban areas to have access to insurance and also a seamless way to process their premiums. One project implemented in Sep. 2009 enables representatives of the insurance company in remote village locations to collect insurance policy premiums in cash and to transfer it electronically from an internal payment gateway to a centralised location in a real time environment. Another project implemented in Dec. 2010 enabled customers the ease of an e-commerce transaction by not using their own banking service or credit cards, and enabled thousands of ITZ Cash World franchisee stores shops to collect insurance policy premium in cash and to transfer it electronically in real time from a Reserve Bank of India approved payment gateway of ItzCash. Such innovative use of technology open up cost-effective solutions to serving the rural population, semi urban & fringe populace of the urban markets in a cost effective manner. I'll discuss about some other exciting projects next time.