PremiumNEW DELHI:CAMS Insurance Repository Services Ltd (CAMSRep) has launched Deep Contact Tracing, an offering which will help insurance companies address unclaimed amounts, a long-standing problem of the industry.
“Insurance companies have been grappling with the problem of contact tracing spanning over several years unable to deliver the claim amount to policyholders…The entire delay in tracing policyholders or their claimants, contacting them, validating their identity and bank account details are onerous processes…CAMSRep has launched industry-first PolicyGenie Deep Contact Tracing product, an efficient and cost-effective solution leveraging emerging digital technologies," as per a CAMSRep press release.
Ravi Kiran, director, CAMSRep, said, “The unclaimed amount of life insurance industry has crossed ₹25,000 crore and is growing. Using a combination of proprietary algorithms and advanced digital search, we assist Insurance companies to find the rightful claimants of these unclaimed amounts. We have seen initial success rates of 11-25% in tracing policyholders with policies issued 5 to 20 years earlier."
Using a proprietary contact engine, PolicyGenie Deep Contact Tracing tracks 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 reducing the quantum of unclaimed amounts, as per the press release.
