Page 19 - Life Insurance Today FEBRUARY 2016

BANCASSURANCE
IN INDIA AND
DIGITALIZATION
I. Introduction
Digitalization is the use of digital technologies to change a growth and survival.
business model and provide new revenue and value-
producing opportunities; it is the process of moving to a
digital business. Through digitalization, a company's
digitized resources (such as online channels, machines
equipped with digital sensors, cloud-based software) are
transformed into new sources of revenue and operational
gains.
For over a decade, it is observed that almost all the
enterprises have undergone a radical change and brought
wide transformations in their functions, operations and
processes. Today, most of the companies are found to use
About the author
Mrs. P. Srilatha
Faculty Member, M.C. Gupta College of Business
Management and Ph.D. scholar, Jawaharlal Nehru
Technological University (JNTU), Hyderabad
"Two things are infinite: the universe and human stupidity; and I'm not sure about the universe."
Life Insurance Today February 2016
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digital technology. Hence, companies started looking at
Digitalization not as option but an opportunity for their
II. Need and importance
In its Global technology M&A, Ernst & Young captures five
megatrends that are driving digital transformation across
industries-namely, smart mobility, social networking, cloud
computing, big data analytics, and accelerated technology
adaptation. Additionally, trends such as, consumerization
of IT continue to impact the enterprise IT ecosystem in India
and across the globe. Thus, the need for digitalization is
setting newer trends in Indian enterprises. Thus, for a
developing country like India, Digitalization is the necessity
in today's challenging environment.
Keeping in view the importance of digitalization, our Prime
Minister Shri Narendra Modi is looking forward for
digitalization of the country itself. For this purpose, Digitize
India Platform (DIP) is in the process. DIP will provide
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