Among the many challenges
facing life insurers in the microinsurance sector are high costs
involved in processing high volumes of low value
policies.
To address the problem, AVIVA
India and its long-standing partner, BASIX have introduced a
straight through processing (STP) solution which they claim is a
first in India.
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BASIX is an Indian non-bank
company focused on providing basic credit and insurance services to
low income earners in rural areas.
According to AVIVA, the
solution rests on the integration of BASIX’s electronic data entry
system, which it operates in about 220 remote branches, with
AVIVA’s policy administration system.
Insurance proposals have been
simplified and data entry is undertaken at the point of sale at
BASIX branches+.
This enables STP of new policies which have average annual
premiums of INR500 ($10) at very low cost and with minimal manual
intervention. AVIVA is achieving policy enforcement within 24 hours
of data entry by BASIX.
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