Page 37 - Insurance Times April 2023

Emergence of Digital

Transformation in

Indian Insurance

Market & Associated
Anabil Bhattacharya
B.M.E. (Hons.), F.I.I.I.,
Safe-guards needed Retired Chief Manager,
Head Office,
National Insurance Co.ltd, Kolkata.

Fueled by FinTech investments and Insurtech startups, Indian insurance now become a hothouse
of digital innovation. In response, insurers started embracing various changes and rethinking on
their business models to move towards a compliant, secure and digitally-enabled operating model
to enhance customer, employee, partner and other stakeholder experiences.

The digital transformation in Indian The facets of insuretech are depicted

insurance market: below:
Here in India, the insurance sector has taken longer period
to embrace digital transformation than many other sectors.
This is mainly for, the chosen preference for personal
relationships when dealing with insurance placements and
the complexity of the insurance purchase processes,
particularly when it comes to pension, ULIP and annuity
products (in the life sector) with high-end values or Project &
Liability insurance coverages (in non-life sector) for their
discreet specific underwriting requirements.

Fueled by FinTech investments and Insurtech startups, Indian
insurance now become a hothouse of digital innovation. In
response, insurers started embracing various changes and
rethinking on their business models to move towards a
compliant, secure and digitally-enabled operating model to
enhance customer, employee, partner and other stakeholder
experiences. Newly invented digital tools and capabilities help
insurers to streamline new product developments, digital
experiences and the transformation of key functions — from
positioning, marketing, distribution, underwriting,
investigations and claims to finance and accounting. Facets of Insuretech

32 April 2023 The Insurance Times