The algorithm-based solution aims at reducing unclaimed amount quantum by reaching the unreachable policyholders.
India’s leading insurance repository, CAMS Insurance repository Services Ltd (CAMSRep), has announced the launch of Deep Contact Tracing. This new offering assists Insurance companies in addressing their Unclaimed amounts, a long-standing problem of the Insurance industry.
Insurance companies have been grappling with the problem of contact tracing spanning over several years unable to deliver the claim amount to policyholders. As a result, the number of policies and the unclaimed amounts in the Life Insurance Industry continues to rise year after year. Insurers also are diligent in ensuring that such unclaimed amounts are paid out only to the rightful claimants which involve painstaking efforts often through in-person visits and tracing. The entire delay in tracing policyholders or their claimants, contacting them, validating their identity and bank account details are onerous processes. While Insurance companies continue to find different means to locate long-lost clients, CAMSRep’s has launched industry first Policy Genie Deep Contact Tracing Product, an efficient and cost-effective solution leveraging emerging digital technologies.
Using the proprietary contact engine, PolicyGenie Deep Contact Tracing tracks the untraceable policyholders and updates their contact information. Contact search, NRI contact tracing, interactive communication, and adaptive phygital engagement with policyholders are part of this comprehensive offering. The multi-layered phygital traceability begins with digital contact tracing and progresses to feet on the street agents, among other things. The service scans multiple data sources and updates
policy holders’ contact information within minutes
The inventive system is finding quick acceptance among insurance companies and is
likely to change the way the Insurance industry tracks and connects with their
customers, while decreasing the quantum of unclaimed amount.