Page 25 - Insurance Times December 2022

based capital regime from the current prescriptive the services that way. Only when designed and
requirements. PSU insurers that engage in all types of implemented quickly and effectively, improved business
businesses irrespective of profitability indicators will processes could deliver substantial benefits to
have to be choosy and reconsider selling products on organisations.
the basis of capital efficiency.
Y Moving to IFRS, Risk Based Capital and supervision will
Y Technology is reshaping all the industries including be a task for all the players in the ecosystem, be it public
insurance. PSUs and other legacy operators will have
sector, private sector, small or big players.
to onboard the fresh talent or reskill the existing
resources fast. Talent management and paying Y Ultimately, in the long term, the capital-deep insurers
leveraging on new technology and lower operating costs
attention to critical cultural factors would be crucial in
repositioning the organisations. PSU insurers will have would emerge successful. That would also prepare
to take up this technology challenge not only from the them to ably manage the wave of mergers and
view point of adoption but also from the angles of acquisitions on the basis of their stress free balance
human resources, mindset and acceptability. They will sheets.
have to change the hiring process and compensation
levels. Exciting times ahead for the Indian
Y Technology will continue to evolve and will be at the insurance industry-
forefront of competitive working and sustainability. When designed and implemented efficiently and effectively,
What impact will the next wave of technologies have operational transformation becomes feasible. Difficult times
on traditional as also the new players will have to be bring out the best out of individuals and organisations.
seen. In the wake of rapid technological advancements,
During the difficult times of pandemic, Indian insurance
keeping up to date would be a challenge for all.
industry demonstrated remarkable flexibility overcoming
Y New lean and thin insurers are achieving savings numerous obstacles.
through collaborations and taking advantage of the
sharing economy. PSUs and other legacy operators can Adaptability is the critical success factor during
also make use of sharing economy through effectively transformation. Those insurers that succeed in gathering
employing the idle assets and resources at their customer experiences, understanding customer
disposal. expectations, designing service offerings by integrating new

Y As the customers adopt and feel comfort in using technologies, building partnerships and ably attract and
internet, new digital technologies, wearable devices retain talent would come out as winners. As said by Charles
and sensor-based operations, insurers will have no Darwin, it is not the strongest that survives, nor the most
choice but to match customer expectations and offer intelligent, but the one most responsive to change. T

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22 December 2022 The Insurance Times