Insurance companies across India are trying to make the most of the COVID situation to promote their businesses and cater to the general welfare of the public.
With remote collaboration and work from home fast becoming the "new normal", organisations across sectors are brainstorming the next steps with new products and features and attempting to course-correct via digital transformation.
One such sector whose role is crucial in these unprecedented times of crisis is the insurance industry, set to be valued at $280 billion by FY2020 in India.
Boardroom Dialogues, a virtual roundtable brought to you by CNBC TV18.com and AWS, looks at what the eminent industry leaders have to say about business continuity.
COVID-19: The Catalyst for Change
Puneet Chandok, President of Commercial Sales, India and SAARC, AISPL, says, ‘’We are seeing change at a scale like never before, in terms of consumer preferences and how businesses respond to them. Technology and cloud are a big part of this change’’.
He emphasises three trends that insurance companies have noticed:
Key Trends in the Insurance Sector
Ashish Dhawan, Director and Head, Enterprise Business, AISPL, highlights these trends in the insurance sector:
He mentions several aspects of insurance where AI and ML will be used, ‘’We shall also see AI, ML, IoT, and digital technology used in pricing, real-time dynamic behavioural models, underwriting, risk assessment, claims handling, policyholder interaction, and fraud management with forensic capabilities’’.
Sustainable Cost Advantages
‘’We will continue to invest in technology spaces that will allow us to leverage the new normal to our advantage’’, says Kirti Patil, Executive VP and COO, Kotak Life Insurance.
Trends in Mindset Shifts
Insurance firms have to step up the velocity of operations to align with the general public's mindset. Manu Lavanya, COO, Max Life Insurance, says, ‘’The overall need for staying protected has gone up significantly. So, insurance companies are thinking about how to launch new products that revolve around COVID’’.
Insurance companies across India are trying to make the most of the COVID situation to promote their businesses and cater to the general welfare of the public. With these innovations, technologies, and strategies, they have a shot at sustaining themselves in the long run.
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First Published: IST