NEW DELHI: CAMS Insurance Repository Services Ltd (CAMSRep) has launched Deep Contact Tracing, an offering that will help insurers to address unclaimed amounts, a long-standing problem of the industry.
“Insurance companies have been grappling with the problem of contact tracing for many years, unable to disburse claim amounts to policyholders… An efficient and cost-effective solution leveraging emerging digital technologies, industry-first PolicyGenie Deep, as per the CAMSRep press release. Contact tracing product launched.
Ravi Kiran, Director, CAMSRep said, “The unclaimed amount of the life insurance industry has exceeded” 25,000 crore and increasing. Using a combination of proprietary algorithms and advanced digital search, we help insurance companies find the right claimants for these unclaimed amounts. We have seen an initial success rate of 11-25% in locating policyholders with policies issued 5 to 20 years back.”
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 physical engagement with policyholders are part of this comprehensive offering. Multi-layered physical traceability begins with digital contact tracing and has gained a foothold on street agents, among other things. The service scans multiple data sources and updates policy holders’ contact information within minutes.
Inventive systems are gaining instant acceptance among insurance companies and are likely to change the way the insurance industry tracks and connects with its customers while reducing the amount of unclaimed amounts, according to the press release.
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