Policybazaar For Business offers digital marine, transit insurance

Policybazaar for Business (PBFB), the corporate arm of one of India’s largest insurance marketplace, has introduced Enroute, a platform designed to simplify marine and transit insurance operations.

"The issuance of certifications and declarations, a process that was traditionally time-consuming, can now be completed in just a few clicks. The platform empowers businesses to efficiently handle their domestic and international trade requirements," says an official release.

"To avoid claim denials, companies and businesses must submit monthly declarations for domestic policies. They are also required to provide transit-specific insurance certificates for import and export shipments under annual marine and transit insurance policies. The manual execution of these formalities would often be cumbersome for the customer. PBFB simplifies this process with an easy-to-use platform that reduces administrative workload, enhances accuracy and ensures smoother compliance."

Sajja Praveen Chowdary, Head, Policybazaar for Business says: "Marine and transit insurance customers often face operational hurdles due to fragmented platforms and complicated modes of declaration. The new platform is designed to benefit the customers by streamlining the entire process. They enjoy a seamless and hassle-free experience through the portal that provides clear, simplified and easily accessible information about their current policy. Businesses can now declare transits, generate insurance certificates and increase the sum insured seamlessly."

The platform simplifies insurance certificate generation for shipments using customer-provided details, allowing them to easily declare monthly shipments or generate certificates via WhatsApp or the portal, the release added. "This can be done easily in three ways: by uploading invoices or LR copy, uploading a file or using the interactive interface - ensuring a smooth and user-friendly experience.

"The platform also streamlines monthly declarations for goods in transit to maintain compliance and ensure claim eligibility. When uploading the invoice or LR copy, the OCR technology reads and extracts all the necessary details. This saves the customer significant time and effort, as they no longer need to manually enter each and every detail."

The software can be seamlessly integrated with existing invoice generation or supply chain management systems, which eliminates the need for manual declarations and certificate generation, the release added.