Microfinance Focus, July 14, 2011: Hyderabad based Microfinance and Livelihood institution Basix together with insurance provider Aviva has launched Straight Through Processing (STP) for automating end-to-end retail microinsurance policy enforcement process.

Using STP, both the companies will be integrating their technology systems to enable bulk processing of small ticket microinsurance policies with minimal processing cost and manual intervention.

Average ticket size of microinsurance policy is Rs 500 and has a high cost and time of processing. Aviva will now be able to process these policies within 24 hours.

Basix entered into partnership with Aivia in 2002 and has provided financial assistance through claims settlement of over Rs 33 crore to over 19000 households.

"With Aviva, we have protected over 3 million lives. Constant innovation in the in-house claim processing has helped settle 1.35 lakh life, health and asset claims till date. In the year 2010 alone we have settled over 50,000 claims that equates to the total number of claims settled by a leading mainstream insurance company in the same year,'' said Manmath Dalai, managing director, Bhartiya Samruddhi Finance.