Polaris Software Lab, Chennai-based financial services technology company has surfaced with a new technology to facilitate insurers to sell their products and collect renewal premium with the help of ATMs. In order to execute its solution, the company is in discussing the matter with two insurers.
SR Ramaswami, executive vice-president and head (insurance), Polaris Software Lab, said the aim is to provide customers the flexibility and convenience to take policies and pay premium in a cost-effective manner.
For example, if a customer wants to buy a travel policy, he can walk in to his nearest ATM and key in the policy requirements by using his debit or credit card. An electronic message is sent to the insurance policy system, which in turn will send the confirmation electronic message to the ATM. Once the confirmation is received, the ATM will provide a receipt that will contain details like name of the customer, country to which he/she is travelling, policy start date, end date and policy value and the type of coverage.
SR Ramaswami, executive vice-president and head (insurance), Polaris Software Lab, said the aim is to provide customers the flexibility and convenience to take policies and pay premium in a cost-effective manner.
For example, if a customer wants to buy a travel policy, he can walk in to his nearest ATM and key in the policy requirements by using his debit or credit card. An electronic message is sent to the insurance policy system, which in turn will send the confirmation electronic message to the ATM. Once the confirmation is received, the ATM will provide a receipt that will contain details like name of the customer, country to which he/she is travelling, policy start date, end date and policy value and the type of coverage.
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