Page 21 - Life Insurance Today January-June 2020

DIGITISATION OF

PRODUCT

TRANSACTIONS

BOOSTS

INSURANCE

MARKET GROWTH

I ndia's insurance sector is undergoing unprecedented Companies are today giving priority to customers and this

has allowed them to capture previously unimagined
modernization - it is digitising rapidly, adopting modern
techniques to tackle fraud, and exploring new avenues
Indian insurance industry must look at using technology in
for risk management, customer engagement, territory and reach out to millions across the globe. The
operating models, investment and distribution. A innovative ways with a focus on the customers. The time is
technologically enabled future is increasingly gaining focus ripe for the insurance industry to move rapidly into the
across India. Insurers in India have the opportunity of technology space. Over the last five to seven years digital
changing the landscape by rethinking their traditional roles has started getting serious attention from the insurance
and adopting ecosystems. In the midst of the COVID-19 sector. A vibrant InsurTech ecosystem has started
pandemic the rapid and extensive use of digital challenging many existing practices.
technologies in everyday life has become commonplace
The influence of digitisation can be noted from two
with people waking up each day to a world in which the
overlapping perspectives - one, there are end-to-end digital
Smartphone has become the most important tool.
transactions, where users become familiar with digital
platforms, make buying decisions online and execute their
About the author purchases on this channel; second, in digitally influenced
purchases, customers use digital channels to obtain
Jagendra Kumar information or make purchase related decisions, but use
Ex. CEO, other traditional channels (stores, branches and agents) to
Pearl Insurance Brokers make purchases. The size of this market is typically three
JAIPUR
to four times the size of digital purchases.
Those who realize their folly are not true fools.

Life Insurance Today January - June 2020 21