HOW DIGITIZATION IS CHANGING THE INSURANCE INDUSTRY LANDSCAPE
Digital technology is rapidly driving massive changes in the insurance sector and dynamically changing the insurance industry landscape in India. This is impacting the way insurance companies and their customers are interacting with each other. The pandemic has played a significant role in giving a digital boost to the insurance sector, as consumers are now searching, buying and storing policies online.
By successfully digitizing their operations, insurance companies are engaging existing and potential customers through mobile-friendly websites, mobile apps, email, social media and other digital channels. Right from prospecting to acquiring, and servicing to claim settlement, insurance companies are doing everything on modern software platforms built on the latest insurance-specific technologies. Digitization has also enabled insurers to offer customised products to consumers.
Consumers can now buy their policies online and store them in an electronic paper-less format in online insurance depositories. This gives them a single window view of all their policies and makes it easier for them to pay the premiums. It also gives their beneficiaries access to the policies and their details, and plays an important role in claim settlement.