"Social media is used to check if any additional information sought by the insurance company is available or not
The life insurance industry has undergone a sea change since the global economic meltdown of 2008. Munish Sharda, MD and CEO, Future Generali Life Insurance, speaks with Teena Jain Kaushal on the challenges and opportunities. Excerpts:
- Sep 11, 2015,
- Updated Sep 11, 2015 1:37 PM IST
The most important documents on the basis of which insurance companies underwrite a risk are proposal form, supporting documents such as know-your-customer forms, income evidences, medical evidences and the agent's report. On a case-to-case basis, insurance companies do verify websites, social media, certain list of sanctioned individuals published by government authorities, and credit bureau information before accepting risk under a proposal.
In some claims cases, social media is used to check if any additional information sought by the insurance company is available or not. At times, social media is also used to establish contact with the nominee/benefi ciary as part of the claim settlement process.
The most important documents on the basis of which insurance companies underwrite a risk are proposal form, supporting documents such as know-your-customer forms, income evidences, medical evidences and the agent's report. On a case-to-case basis, insurance companies do verify websites, social media, certain list of sanctioned individuals published by government authorities, and credit bureau information before accepting risk under a proposal.
In some claims cases, social media is used to check if any additional information sought by the insurance company is available or not. At times, social media is also used to establish contact with the nominee/benefi ciary as part of the claim settlement process.