Page 46 - Insurance Times April 2021

#DigitalSuccessDialouge
The Changing Landscape of Insurance Sector with Evolution of Digital

Date: 18th March 2021

Organised By: INT. (Indus Net Technologies)

Media Partner: The Insurance Times

He added that the current scenario has significantly accelerated
the opportunities of digital engagement and digitized delivery
of product and services for the insurance Industry. And going
forward I believe the technology would prove to be a game
changer in the insurance sector. Though with technology there
would be some challengesin terms of cost, scalability and
regulatory challenges but those are all manageable.
India has a vast underpenetrated market and without
technology it will be quite impossible to reach out to the
masses. Technology needs to be leveraged and distribution
cost need to be minimised so that the consumer is the
ultimate gainer. The distributors and service providers also
need to provide value added services and shiftthe focus from
customer satisfaction to customer delightment.
The whole insurance eco system and value chain is going to
benefit from these initiatives in coming days.
Mr Amit Roy said increase in FDI limit to 74% will bring
significant changes in the insurance industry and the overall
insurance penetration will get a boost.
INT. (Indus Net Technologies), a Software Product With emergence of AI and emerging technology if the right
Engineering Partner for Financial Services, Healthcare and kind of experience is created, the penetration of health
Retail businesses, has been regularly organising Digital insurance can grow many x. Mr Roy was extremely
Success Dialogue, an online interactive series. Recently an optimistic that technology will transform the way the
interactive session was organised on 18th March 2021 on insurance business was transacted in India. For growth of
The Changing Landscape of Insurance Sector with Evolution general insurance sector he said huge opportunity exists in
of Digital. the market for retail products.
Mr Roy candidly discussed about the range of issues in the
Dr Rakesh Agarwal, Editor, The Insurance Times interacted
Indian Insurance Industry.
with Mr Amit Roy, Executive Director, PWC, India to
understand his perspective on the subject. "Digitisation is the way forward for any business sector and
category to grow prosper and expand. Insurance Sector has
The event was streamed live on social media channels.
been witnessing a dynamic change in the working style with
Dr Rakesh Agarwal gave an overview about the current more awareness being generated about its demand. The
developments in the industry with evolution of digital Covid 19 situation has accelerated it. With more adaptation
technology. He said the insurance industry was unable to of latest digital Methodologies, Insurance Sector will witness
push the digital growth due to low acceptance level from massive growth" quoted Abhishek Rungta, Founder & CEO
the consumers and intermediaries but COVID 19 has of INT. (Indus Net Technologies).
removed those barriers and has forced people to adopt Full Interview can be viewed at Youtube in the link https://
technology and get used to it. www.youtube.com/watch?v=MOCIiQA2phw&t=1677s

46 The Insurance Times, April 2021