THE insurance landscape has been transforming over the years due to emerging and cutting-edge technologies such as data analytics, behaviour analysis, Internet of Things (IoT), Artificial Intelligence (AI) and Machine Learning (ML).
Start-ups too are introducing innovative products and solutions to increase insurance penetration in India. They are also trying to solve many pressing challenges such as cost efficiency in the insurance space. In India, insurance penetration was just 4.2% in FY21. During the pandemic, just like other sectors, the insurance sector too witnessed massive digital adoption. Many insurtech companies are now coming up with new offerings addressing niche needs such as pet insurance. Also, there are new covers for LGBTQ, sex-change surgery and IVF, among others.
“Insurers have embraced disruptive changes across 3 vectors - Customer experience, distribution experience and product innovation,” says Abhishek Gupta - CMO, Edelweiss Tokio Life Insurance.
Even in terms of pricing, insurers are leveraging digital solutions like AI and ML to explore ways to identify risk profiles of individual customers. This will enable the sector to personalise product pricing to a considerable degree, which in turn will elevate the end customer experience, he adds.
This story is from the April 25, 2022 edition of The Morning Standard.
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This story is from the April 25, 2022 edition of The Morning Standard.
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