The business ecosystem is changing with the rapid emergence of new-age technology such as Artificial Intelligence (AI) and the Internet of Things (IoT).
The Indian insurance sector is experiencing a technological shift. Technology in the insurance sector is transforming the ecosystem not just in scale but also in fundamental aspects. The digital-first business model is the result of companies using data and technology more than ever, testing new business models and revenue streams fueled by new technology. Advanced insurance technology is now already an integral part of the industry, for both insurer and insured.
Today’s consumers have more complex needs and are more knowledgeable and aware of their choices than ever before. They want personalized offerings and tailored communications which leads to insurers digitizing their services and optimizing all interactions.
The business ecosystem is changing with the rapid emergence of new-age technology such as Artificial Intelligence (AI) and the Internet of Things (IoT), and the incumbents of the market are strategizing to enable their businesses to transform digitally. The implementation of any emerging technology is a top-down exercise for the industry, from evaluating the acceptance of new-age technology to shifts in customer behavior, the insurance company has to run the show and usher in the digital transformation.
The insurance industry in India has adapted to numerous developments, amendments and trends such as:
Artificial Intelligence (AI)
Consumers are always looking for personalized experiences, especially when purchasing something as important as insurance. AI offers insurers the ability to create these unique experiences, meeting the high-speed demands of modern consumers.
With AI, insurers can improve claims turnaround cycles and fundamentally change the underwriting process. AI also helps insurers to access data faster and cutting out the human element that leads to more accurate reporting in shorter periods of time.