Page 27 - Life Insurance Today January-June 2020

Harnessing digital applications on mobile India help confirm coverage of new policies. Though many
products lend themselves to digital solutions, agents and
phone: brokers still matter and play an important role.
Digitisation opens up numerous opportunities for insurers
in the area of fraud management. Fast-paced digitization The relationships they have developed with customers
in India is resulting in significant digital footprints for events, cannot be readily displaced. As a result, direct or online
transactions, behaviour, beliefs and attitudes that can now distribution will take time to mature in these markets, but
be used to understand and effectively mitigate fraud. While the future looks promising. Various insurers are at various
customers for non-life policies, like travel or motor stages in their fraud management strategies. In light of
insurance, are rapidly moving to embrace digital solutions, fast-increasing fraud and the shift towards a digital business
agents will continue to be a cog in the life insurance model, insurers need to review their strategic fraud
market. management frameworks, benchmark fraud events and
explore optimisation opportunities.
However, harnessing digital applications on mobile phones
can reduce friction, boost efficiency and improve the quality
of sales, which may be the optimal means of servicing the On-demand insurance plan for drones:
Indian market. The three emerging markets illustrate how With the government planning to scale up the use of drones
distribution is changing for the insurance industry. The rise in the current COVID-19 pandemic, HDFC Ergo, a private
of digital platforms will help insurers speed up processes non-life player has partnered with tech start-up TropoGo,
and further reduce costs. In markets like South Africa, to launch the country's first-of-its-kind policy for drone-
telematics is being used to assess driver behaviour in owners in India. While the world has come to a grinding
underwriting automobile insurance, while smart phones in halt due to the pandemic, drones are proving to be efficient

Find ecstasy in life; the mere sense of living is joy enough.

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