Get safer with WhatsApp? Future Generali set to do a first in India

Future Generali India Insurance Company Ltd (FGII), a private general insurer, has become the first insurance company to start delivery of policies via WhatsApp. The FGII took this initiative to enhance convenience and ease of its customers. Saying that this is an instant and an additional delivery option, the company added that soon claim intimation and survey could also be accomplished through WhatsApp. 
 
In an interview with Anurag Shah of Zee Business, KG Krisnamoorty, MD and CEO of Future Generali Insurance claimed that as compared to the previous year, this year the claims from floods and heavy rains would be more. Here are the edited experts:

As the companies are adopting digital insurance, there is a new shift that new insurance policy details will be forwarded through WhatsApp. Will authenticity of WhatsApp be accepted?
A: Earlier we used to forward the details of insurance through email but now we will be forwarding the soft copy of details on WhatsApp. Some states have accepted the soft copies and some need hard copy.
 
Is there any possibility in future that the purchase of policies or to know the terms and conditions of the insurance will be possible through WhatsApp and this will work as a medium to purchase insurance?
A: Yes, it will be possible in future, after the launch of WhatsApp payment there is a possibility that through this medium policies will be purchased in future. Right now, we are working in 2-3 areas, first is claim intimation through WhatsApp thereby small claims can be done through WhatsApp. Our IT team is working on it.
 
Due to heavy rains, Mumbai has witnessed a lot of losses in the past few days. Will it affect the general insurance companies? Is there any estimate about how much losses have occurred so far?
A: Yes, claims have started pouring in, but there is no estimate as to how much claims will occur and what would be the amount of losses incurred, it will take time to assess the things.
 
As compared to the last year this year weather conditions are not the same, do you think claims will increase in comparison to the year 2017?
A: Yes, it can be possible because in comparison to last 2-3 years this year's monsoon has been more effective.
 
As we know the government is launching Ayushman Bharat national health insurance scheme, is there any update on it? Are the tenders being cleared?
A: Yes, Chhattisgarh has come up with the tender, and in next 2-3 weeks there are possibilities that other states will come up with their tenders.
 
What are the terms and conditions of the tender? Are the insurance companies satisfied with those terms and conditions?
A: Discussions were done before, between insurance companies and the government parties, based on that many additions have been made, but the price which is not yet decided at Rs 1200 is less.
 
The government has passed a rule and then IRDA too has passed a law against general insurance company that the PUC should be verified while opening any new policy or renewal of any policy? Is there any problem being faced by insurance companies?
A: No, we are trying to implement it, IRDA has instructed so we have informed our agents to verify the PUC for renewal. Though it will have practical difficulty for people who have purchased the policy digitally as they have to upload the PUC and confirm if it is valid or not. 
 
As companies are facing problems they can approach Supreme Court to stop that order. Is there any discussion done on the same in general insurance council?
A: Yes, we are discussing about it and trying to add the clause which says that if the PUC is not valid then the policy is also not claim payable. Policy is only valid when the PUC is updated.
 
As per the RERA Act, MahaRERA came up with the law that any project should compulsory have the title insurance and it is mandatory, but the insurance companies do not have that product. Is your company working on it and what do you think the title insurance product can be a big market for insurance company?
A: It can be a huge market as it is mandatory. A few companies have come up with the approval, while others are working for it, even we are working on it.
 
Watch this Zee Business video

RERA has expressed concern that the title insurance should not be too expensive because in the beginning developers will pay the premium but once the ownership is transferred to the buyers they will have to bear the load. Are insurance companies concerned about it?
A:  It’s a new product so it is difficult to predict the amount. It can be reinsurance, therefore, rate will depend on the reinsurance.