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TATA AIG DEPLOYS INNOVATIVE DIGITAL QUOTE MANAGEMENT SYSTEM ‘QMS’ FOR SMALL & MEDIUM ENTERPRISES

THE DIGITAL QUOTE MANAGEMENT SYSTEM OFFERS REAL-TIME QUOTES & INSTANT, OVER-THE-COUNTER, FULL-FLEDGED PACKAGE POLICIES IN ‘ZERO’ WAITING TIME

  • CHARTS A FIRST IN COMMERCIAL BUSINESS TO REDEFINE CUSTOMER EXPERIENCE THROUGH SMARTER, FASTER & EFFICIENT DELIVERIES
  • THE QUOTING ENGINE ENHANCES OPERATIONAL EFFICIENCY, PRODUCTIVITY & MANPOWER SAVINGS

Mumbai, February 19 2019: Tata AIG General Insurance Company Limited, India’s leading private sector general insurance company deployed its innovative digital quote management solution ‘QMS’ for its field force to offer real-time quotes and instant, over-the-counter, full-fledged package policies in ‘zero’ waiting time to its clientele of small and medium enterprises.

Instant, over-the-counter full-fledged package policies are a first in Commercial business segment, and with QMS Tata AIG has recorded its footprint of charting a new course in redefining customer journey experience through smarter, faster and efficient deliveries. Armed with pre-underwritten approval limits, special cases’ approval workflow and instant over-the-counter policy issuance capabilities, ‘QMS’ is a technology innovation used for streamlining the end-to-end Quote-to-Policy process life cycle for channel partners, producers and field force to offer quick quotes and instant policies anytime, anywhere. Currently, it is being used for Marine Open Policy, Fire package policies and Workmen Compensation products.

Since its deployment almost 8 months back, the real-time quoting tool has until now successfully on-boarded 13,500+ users, generated 2.1 lakh+ quotes and issued approx.1.5 lakh policies, overall.

The tool is being hailed as one of the top innovations in the BFSI space, adding to Tata AIG’s list of many industry firsts.

Commenting on the solution, Mr. Sushant Sarin, Executive Vice President & Head – Commercial Lines & Reinsurance, Tata AIG General Insurance said, “QMS is a unique, convenient tool engineered to empower our channel partners and producers with smarter, faster and efficient processes to offer over-the-counter policies instantly in ‘zero’ waiting time. With more than 80 per cent of cases currently managed through this platform, we have considerably enhanced our operational efficiencies, productivity and manpower savings by cutting down manual interventions and backend operations towards policy issuance processes. This industry-first solution is already winning accolades for its ease of use, transparency and efficiency, and we plan to scale it up further to the next level of ground-breaking innovations in General Insurance space.”

On company’s digital overhaul of systems and business processes, Mr. Dipak Nair, Chief Technology Officer – Tata AIG General Insurance said, “This is a key component in our digital transformation journey and as a part of our scalable and qualitative digital strategy across the distribution value chain, we are well positioned to future-ready the technology backbone of the organization. We have been successful in phasing out legacy systems and modernizing our core capabilities and platforms to offer more robust, integrated and innovative risk solutions and seamless interactions for our channel partners and customers alike.”

Innovative Features of TATA AIG’s Quote Management System – ‘QMS’

  • End to end digital quotation engine with pre-approved limits (Field force empowerment)
  • Special cases’ approval workflow, underwriter approval workflow (cutting down manual lead time to enable faster decision making)
  • Instant over-the-counter policy issuance (Customer delight – Real time quote generation with ‘zero’ waiting time and instant processing)
  • Safe and convenient payment facility
  • Readily available document repository and much more

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