Roinet Solution has introduced its new AI Platform for Insurance Distribution in India, bringing AI and digital tools into insurance sales and servicing. The platform can play an integral role for Point of Sale Persons (POSPs), insurance advisors,, and distribution partners as they sync the insurance product with customers from various parts of the nation. This comes as insurers and distribution channels seek to harness technology to enhance customer engagement and discover new products and service policies. Roinet is planning to extend its distribution network to Tier-2 and Tier-3 cities and rural areas.
AI platform designed for insurance partners
Roinet’s AI Platform for Insurance Distribution? The platform offers all the insurance functions in a single digital environment. Customer profiling, product comparison, AI-driven recommendations, proposal generation, policy issuing, renewal tracking, claims support, and customer servicing. It seeks to offer digital solutions to our insurance partners that can be helpful across the entire customer journey, rather than just at the stage at which they buy the policy.
AI-based recommendations for customers
Highlighting the platform’s feature list is a recommendation. Our system takes into account customer information like age, gender, location, existing medical conditions, policy duration, and riders when analyzing the insurance products available. Using this information, POSPs will be able to compare products and recommend those that suit their customers’ needs. Roinet combines product and customer data in one place so that some of the processes in insurance distribution will be more straightforward.
Expanding the insurance partner network
Roinet intends to provide the platform to more than 10,000 partners in 22 states, 741 districts, and 4,581 cities. In addition, the company is also interested in partnering with insurers in the life, health, and motor categories. Training and certification programmes, marketing support, business and sales analytics, income monitoring, and coaching should be made available to partners. The dashboard for partners is likely to show details of leads, policies, commissions, and volumes of customers.
Focus on smaller cities and rural markets
A significant element of Roinet’s plan involves opening up the insurance distribution channels to India’s smaller towns and cities. It plans to give insurance companies easy access to digital tools that open up many more locations for customers to access insurance. It also exemplifies the wider trend towards technology-enabled insurance distribution, where digital channels can be a complement to other channels, including agents and intermediaries, whilst still having a human touch in engaging with customers.
Roinet sets ambitious insurance targets
Roadmap: Roinet plans to reach 500 crore worth of insurance premiums and 1 lakh policies by FY28. It also targets more than 10,000 POSPs and resellers as part of its expansion plan. Launching the AI Platform for Insurance Distribution, Roinet aims to leverage technology as a means for insurance partners to handle customer engagement, compare products, assist in policy sales, and monitor their performance. As the AI platform scales through additional territories, the broader applicability of the digital features to insurance access and distribution will become clear.
