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Dr. K. Raja Gopal Reddy
THE INSURANCE TIMES
|August 2022
"The combination of applied AI, distributed data collection, future of connectivity, and nextlevel automation will allow insurers to underwrite accurate cover of risks using realworld, real-time data from a variety of sources.
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Q. There has been a lot of buzz in Insurance Industry in last few months after new IRDAI chairman took over. Do you think Insurance Industry is poised for transformation in coming days?
Yes, I strongly believe that the Insurance Industry is poised for growth and transformation in the days to come with Shri Debasish Panda at the helm. After his taking over as Chairman of IRDAI, there is a dramatic change in the thinking of IRDAI. It feels that it is now the time to look at Development seriously as Regulations are already in place and it is a continuing process.
Technology trends set to transform the very nature of insurance. In motor insurance, risk will shift from drivers to the artificial intelligence (AI) and software behind self-driving cars. Satellites, drones, and real-time data sets gives insurers unprecedented visibility into the risk around facilities, leading to greater accuracy. Claims processing after natural catastrophes will be automated, infinitely scalable, and fast. Life insurance industry will bring to market specific products that focus on coverage based on the evolving needs of their customers. This is tomorrow's insurance. This is development. The technologies behind these already exist, and innovative offerings could become mainstream.
With this background, IRDAl is encouraging Insurance Companies for Product filing with Use & File as against the existing practice of File & Use. This change in thinking of IRDAI clearly shows that it is more focused in Growth of Insurance Industry.
Q. IRDAI has been stressing a lot on Insuretech model. How do you think this will impact the industry in long term?
This story is from the August 2022 edition of THE INSURANCE TIMES.
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