Page 17 - Insurance Times April 2017 Special Issue on Newindia

Cover Story

TECHNOLOGY

TO DRIVE

INSURANCE

DISTRIBUTION

I n the past half a decade or so, powered by the Rise of the millennials: Internet being given to the
increasing penetration of internet and smart phones,
millennials, research studies have proven that these high-
technology companies are dramatically disrupting
income individuals strongly prefer platforms that allow them
industry after industry. Customers have started
expecting the same quality and speed from all service to interact at their own pace. But digital platforms of most
insurers today are designed to cater to conventional
providers, including insurance. Here are the major consumers, and are still reliant on toll-free call centres to
developments that have compelled insurers to bring in fresh provide sales and customer service.
focus on technology;
Pressure on margins: With constant pressure on margins,
Advent of on-demand market places: On-demand most insurers look at technology to bring in automation and
technology platforms are vigorously building service drive operating efficiencies.
infrastructure, optimizing operations, logistics and
technology; and customers want similar levels of Given this compelling need, the insurance industry will pay
technology-led service experience from other services as catch-up in 2017 by using technology as the focal point to
well. change the way they market, interact and service.

1. Analytics driven, personalized pricing: The insurance
About the author industry will be one of the primary beneficiaries from
the growth of Internet of Things (IoT), telematics,
Paritosh Kumar wearable tech, all of which are set to become
Senior Manager (Faculty) affordable and popular. Insurers are integrating with
Union Bank of India IoT- based businesses to gain access to intelligent data
Staff Training Centre, Kolkata about their customers. This data will empower them
to categorize consumers into segments and provide

The Insurance Times, April 2017 17

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