Insurance is a contract, in which the individual or any entity is protected from any financial loss or reimbursement of any losses by the insurance company. In this era of evolution, we have witnessed a makeover in almost every sector. When it comes to evolution, technology plays an important role, which has helped to transmute every single sector and helped them to grow like the mammoth.
The insurance sector in India has 57 companies. In which 24 are life insurance and rest 33 are non-life insurance businesses. The Government policy of insuring the uninsured has helped this industry to grow a lot in the domestic market. Artificial Intelligence is the biggest commercial opportunity in today’s fast-changing economy. Initially, AI will impact primarily on improving efficiencies and automation existing customer facing, underwriting and claims processing. As and when everyone gets settled with AI in the industry, the impact will be more profound. It will identify and underwrite emerging risks and will also help the industry to find a new revenue source. Globally, insurers are turning disruption into opportunity. Companies in India are developing enterprise innovation model which has the potential of monitoring the latest trend in innovation and customer expectation. Distribution strategies will be needing the back of technology for stronger customer affinity programmes. Regulatory stringency and customer demand can be the major drivers for the companies to invest more in technology to ensure the right advice to the customers at the point of sale.
It is contentious whether robotics technologies are going to overtake human at the workplace may rage on. As far as the insurance sector is concerned face to face discussion is still preferred in India and large parts of Asia. However, for uniform delivery, compliance and to ensure right selling, the combination of human and technology advice will remain critical.
Thank you
RegardsAuthor: Aman Bagaria
Kautilya
IBS Mumbai
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