Agriculture Insurance Company of India Ltd. (AIC) needed to streamline business processes and automate manual functions so they could extend their services to the most remote villages in the country. AIC chose the Insurance solution from TCS BaNCS to achieve this.
Agriculture Insurance Company of India Limited (AIC) annually insures 24 million farmers against crop losses, making it perhaps the largest crop insurance company in the world. Through the crop insurance schemes, AIC protects farmers from losses that they suffer due to volatile weather or other factors that are not under the farmers’ control.
AIC has a strong network of 17 regional offices across the country, focusing on empowering farmers, but they were faced with a daunting task. They needed to ensure that 24 million farmers and other stakeholders were able to benefit from their crop insurance schemes, no matter how remotely they were located. They also had to keep costs down, while finding a way to interact with farmers and other stakeholders.
To achieve this, AIC launched ‘Project Annapoorna’, named so after the Indian Goddess of Bounty, which is an end-to-end, web-based, integrated IT solution to streamline business processes and automate administrative functions, covering all aspects of IT such as hardware, software, networking and support. This project would also open a window of opportunity to remote and economically weak farmers to benefit from crop insurance services without having to travel to AIC offices.
TCS BaNCS implemented core insurance modules such as business partner maintenance, policy issuance, policy servicing, commissions, business performance tracking, claims, reinsurance, document generation and grievance handling. The insurance solution from TCS BaNCS helped AIC to quickly bring services to farmers, faster than before resulting in increase of 395% in their gross premium income and a 126% increase in the number of farmers enrolled in the crop insurance schemes. There was a 212% increase in the total land insured and a 215% increase in the risk assumption i.e., sum insured.
In addition, AIC was able to:
- Have a comprehensive view of data
- Automate processes, reduce manual errors
- Enable better decision-making
- Allow faster payments, improve response times
- Marketing density and spread
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