India’s unique problem with regards to the settlement of insurance claims needs new-age solutions. The rising number of deaths due to COVID-19, accidents, and other reasons calls for a seamless process of identifying beneficiaries and claim settlement without delay. To address these challenges new age digital solution Insurance Tech ‘Bharat Claims’-App offers a bouquet of services which helps people to know even their free or hidden insurance policies. So far, nearly 35o families have got claims totalling Rs 10 crore from their known and unknown or hidden insurance policies through ‘Bharat Claims.’
As per Union Health Ministry Data, over five lakh total COVID-19 deaths have been recorded till May this year. Compensation towards Covid death claims was reported under individual, group policies and the PM Jeevan Jyoti Bima Yojana (PMJJBY). According to the Insurance Regulatory and Development Authority of India (IRDAI), life insurance firms settled 2.2 lakh Covid-19 death claims and have paid over Rs 17,000 crore since the pandemic hit the country in March 2020.
Apart from public and private sector insurers, banks, financial institutions, and the government provide life insurance cover with credit, debit cards, bank accounts, and Government schemes such as PM Jeevan Suraksha Bima Yojna and Jeevan Jyoti Bima Yojna, PM Gharib Kalyan Yojna (for Health workers fighting COVID-19), PF account and Gas Cylinders etc. There are many such insurance policies provided for free but due to lack of awareness, reluctance on the part of insurance companies, and complicated claim processes, nominees or families are not able to get the claims in case of a death in the family.
“The world’s first AI-based mobile app ‘Bharat Claims’, which can be downloaded from Google Play Store, has shown the ways for people to get rid of insurers’ reluctance and complicated processes and claim their known or unknown or free or premium paid insurance policies. So far, we have facilitated claims totaling Rs 10 crore for 350 families. Thousands of families in Gujarat, Rajasthan, West Bengal and other states are in the process of getting their claims,” said Mr Kavinder Khurana, Social Entrepreneur and MD of ‘Bharat Claims.’
On the insurance front, the challenges faced by consumers are many. No policy management platform supporting decoding the policy and reminding for premium is a major challenge. Lack of awareness of free insurance issued by the Government is yet another pain point.
Bharat Claims offers seamless process. After uploading Aadhar Card and other details, it provides the user with information about all the free and unknown insurance policies. In case of anyone’s death, it facilitates speedy claims for their family and dependents. Bharat Claims Mobile App integrates all isolated, opaque and fragmented government databases into one platform which can fetch out policy details by just Aadhar number or Aadhar scan. From help in claiming free insurance to providing expert assistance in claim settlements, ‘Bharat claims’ has emerged as first of its kind mobile app, one-stop tech platform.