Shriram General Insurance Company Ltd (SGICL), the insurance arm of the Rs 1,200 billion Chennai-based Shriram Group, has issued more than 40,000 insurance policies in a month through its mobile app, M-Nova.
Registers over 150% premium growth in fiscal 2017-18
Shriram General Insurance Company Ltd (SGICL), the insurance arm of the Rs 1,200 billion Chennai-based Shriram Group, has issued more than 40,000 insurance policies in a month through its mobile app, M-Nova.
About 12 per cent of SGICL’s total policies were sold through the M-Nova mobile app during the financial year 2017-2018 (up to February). The company registered a premium growth of over 150 per cent in policy issuance through its mobile app during this period.
“Aligned to the government’s initiative of Digital India, we are growing our digital presence across platforms. Today, we are reaching out to thousands of customers through these platforms,” said Neeraj Prakash, Managing Director, Shriram General Insurance.
The policy, which was earlier sold in a few branches of the insurance firm, has now spread across the country. About 40,000 policies are issued every month, Prakash said.
The mobile app enables the user to digitally fill up an E-proposal form and sign. The user can also browse through a 360 degree pre-inspection phase before generating an insurance policy. An artificial intelligence-based computer application - chatbot - is available to assist the online customers.
SGICL received clearance from the Insurance and Regulatory Development Authority of India (IRDAI) in May 2008 to undertake non-life insurance business.