XMPlify partnered with Prudent (PIBL), New India Assurance (NIA) to join hands with Govt. of Maharashtra and Govt. of India to benefit farmers in the rural India with subsidized livestock insurance (50-70%) and at the lowest premium rates with NIA, lowering down their living risk and boosting up the rural economy under PMO’s digital India initiatives.
XMPlify, PIBL & NIA rolled out India’s first livestock insurance app which allows to deliver policy in less than 10 minutes through the digital platform and with technology advantage such as image mapping & recognition, OCR for tag numbers, digital signature, GEO location tagging it also allows to settle claims in less than 15 days.
March 18, 2019
Ahmedabad, India – XMPlify, a digital transformation company partnered with Prudent Brokers as well as New India Assurance (NIA), to design, develop and launch an Omni Channel Livestock Insurance Solution to accelerate their Digital Transformation in an alignment with the rural planning of Government of Maharashtra and the PMO’s Digital India initiatives.
Focus on Reducing Farmers’ Plight & Boosting Rural Economy
Along with trials and tribulations that livestock farming can pose in rural India, insuring cattle and filing claims when something goes awry make it even more daunting. Getting an insurance policy can be a terribly lengthy and a complex process and as a result most farmers forego the protections offered by an insurance provider. Moreover, there aren’t very many companies that offer insurance products that’d fit farmers’ needs and offer coverage at an affordable price point. Unpredictable loses and subsequent inability to operate sustainable farming have caused disruption in dairy production and as a result affected overall well-being of larger populations.
Considering this situation, the Govt. of India has sanctioned to implement the cattle insurance scheme on 50% subsidy for farmers in the rural areas to protect high milk potential of cows and buffalos as well as other animals such as bullocks, goats, sheep, camel, horses and rabbits.
The idea of brining such a huge subsidy was also to boost the rural economy, create jobs and develop skills under the PMO’s digital India initiative programme.
Prudent and NIA were up for the challenge and consequentially outlined business processes that’d help deliver on Government’s promise to ease these circumstances. In order to realize the key parts of their strategy, they needed a innovative technology partner who can deliver on their requirements rapidly and XMPlify provided just that. XMPlify understood Prudent/NIA’s business practices and helped in reengineering the way insurance policy creation can be done in today’s high tech marketplace. The result was a state of the art, Omni Channel Solution that can assist in empowering farmers, business stakeholders of Prudent, NIA, and Governments of Maharashtra & India.
How Did They Do It?
Combination of the first mover advantage and XMPlify built solution, NIA was able to rapidly grow and acquire customers in livestock domain while setting ambitious goals. Mr. Premchand More, Sr. Divisional Manager at NIA has crafted a series of business initiatives that will drive digitization of the livestock insurance process with a stated goal to settle farmers’ claims within 15 days.
Some of the critical challenges faced by Prudent and NIA included establishing a cattle appraisal process, implement records management, and formulate a strategy around verifying ownership of the cattle. In order to address these challenges, Prudent brings in Mr. Chintan Adva, Head of Govt & Rural vertical and a leading Insurance & Risk Management expert along with their CIO, Mr. Manoj Kern. Both Mr. Adva & Mr. Kern brought their extensive experience in the areas of rural business planning, strategy and product development and with their guidance XMPlify, Prudent and NIA collaborated to create a digital transformation strategy with XMPlify spearheading the implementation.
Series of Outcomes
Capabilities of the Omni-channel solution has augmented profits for Prudent and improved employee productivity. One of the key outcomes has been increasing stakeholder accessibility and maintaining the competitive edge.
- Automated Policy Management: Web and Mobile Enabled Policy Generation/Management
- Quick Claim: One Click Claims enabled by a robust API strategy
- Adjudication: Claims and Adjudication process powered by a powerful Data Model
- Checks and Balances: Reduced risks and costs by enforcing transparent checks & balances
Further, NIA will benefit from a boost in company revenues, process effectiveness, and business transparency with cost savings, fraud control, and centralized operations. Moreover, increased adoption of the insurance program will protect farmers from the losses due to the sudden loss of cattle which will prevent unnecessary burden on farming communities across the targeted regions.
Following chart summarizes the impact on mission metrics including Level of Adoption, Pricing, Service Levels and Awareness.
Quick Adoption & Deeper penetration – Too good to defy
Not only the insurance is offered with 50-70% subsidy for farmers but It is worth noting that for the policies executed through this digital platform, farmers do not have to pay 18% GST, moreover premium rates are 25% lower compared to other insurance companies. The overall offering has made the Livestock Insurance model extremely viable for farmers to insured their cattle.
It is an obvious fact in today’s connected world that mobility has changed the way products are created, sold and consumed. Insurance is no different. The livestock insurance mobile app increases the reach of this win-win offering. It allows deeper penetration and with the offline data collection feature, it makes it even more simpler & faster for field sales agents.
Policy Issuance in minutes
XMPlify’s Mobile Solution allows real-time notifications to the policy holders. Livestock insurance policy can be initiated digitally while incorporating:
- KYC information of farmers both in online and offline mode
- Identification of cattle via pictures and details through the app-based camera
- Veterinary doctor certification
- Instant calculation of premium amount and payments
Claim Processing Timelines – settlement in less than 15 days
With an implementation of advanced technology features such as image mapping & recognition and OCR based tagging verification, it allows insurance provider to quickly verify and validate the claim and that way reduce the claim processing times from months and years days to less than 15 days.
Following provides average timelines for various options.
|XMPlify App||NLM||RSBY||Crop Insurance|
|Average Claim Payment TAT||< 15 days||> 4 months||15 days||3 3 months|
Real time Reporting – Compliance, Fraud Control, Subsidy Utilization & Tracking
Single and consistent data model affords policy administrators greater control through extensive capabilities for verification and compliance.
Underlying technology platform provides a set of territory based, user-based and date-wise reports to various stakeholders (including the Government entities) enabling them to track the mission goals.
XMPlify is planning on incorporating cutting edge features including IoT, GEO location and deep analytics to enable field executives drive adoption across swaths of rural Maharashtra. Mr. Sarfaraz Malek, Founding Partner & CEO, XMPlify is excited to be the technology pillar and being an integral part of implementing these capabilities. Built with SaaS and Multi-tenancy in mind, XMPlify and Prudent are uniquely positioned to deliver these capabilities and much more to all the Indian States that are ramping up to deliver on PMO’s promise of Livestock Insurance subsidies.
With a successful rollout of XMPlify Platform, Ministry of ADF – Govt. of Maharashtra will be able to boost the rural economy, create sustainable employment and align itself with the PMO’s Digital India initiative. Real-time subsidiary tracking, centralized management of livestock operations and fraud control throughout livestock insurance procedures will allow them to deliver an impact that is critical for the well-being of not just rural but also urban areas that depend on agricultural products. Many states in India are preparing to implement systems and processes to deliver Livestock Insurance subsidies as part of PMO’s initiative. As per one estimate, total delivery of benefits from this program can reach up to INR 450 Crores across 11 States.
Government assisted programs implemented with right technology enablers can propel the reach of benefits deeper into the rural India. Implementations when executed with care and thought that they deserve make it easier for farmers to utilize the subsides and other offerings. Success of XMPlify built Omni Channel Solution is a testament to PMO’s long-term vision of developing a high tech economy starting at the grass root level. Future of India will not be served by two or three large corporations but by tens of thousands of agile organizations like XMPlify.
Innovation that has stemmed from this engagement has also proven that established players like Prudent and NGA can carry out digital transformation initiatives while delivering high quality insurance products through win-win partnerships with a nimble start-up like XMPlify and effectively remove the obtuse challenges that seemed unresolvable just a year ago.
About Prudent Brokers
Prudent is a general & life insurance broker focusing on SMEs, large Indian Corporate, MNCs, and public sector entities. The company is headquartered in Mumbai and has branches across India. Their services include Insurance Broking, Policy Placement, and Portfolio Management.
Their customers list and alliances include large enterprise clients, Worldwide Broker Network (WBN), Gallagher Global Alliance, Unison Brokers Network, and WING.
About New India Assurance
The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is a public sector general insurance company of India. It is the “largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations.
NIA has been market leaders in India in Non-Life business for more than 40 years. Their Indian business crossed Rs.19,100 crores in March 2017. NIA is the only direct insurer in India rated A-(Excellent) by AM BEST Company since 2007. NIA has been rated AAA/Stable by CRISIL since 2014, indicating that the Company has the highest degree of Financial Strength to honour its Policyholder’s obligations.
NIA has been leading the market, apart from premium, in reserves & net worth for many years.
About XMPlify – XMPlify is a digital transformation company based in Ahmedabad, Gujarat. They are serving enterprise customers globally and provide IT and Business Consulting services with an integrated approach that brings together diverse skill sets, cutting-edge technologies, and tested methodologies. They deliver services in the areas of UI/UX engineering, Mobile App Development, Digital Analytics, Omni Channel Solutions, Application Performance Management, and DevOps Enablement.
Visit http://xmplify.tech/ for more details.
Founding Partner at XMPlify
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