Page 203 - India Insurance Report 2023- BIMTECH
P. 203
India Insurance Report - Series II 191
Harnessing Technology for
the Indian Insurance
- Suresh Sankaranarayanan
22 Chief Technology Officer & Head Business Operations,
Kotak Mahindra General Insurance Company, Mumbai
There are unprecedented ways in which technology is impacting businesses, industries, and individuals
today. When the entire world got hit by the pandemic, almost all industries and businesses started
working remotely, almost overnight, backed by technology. And the insurance industry was no different.
Technology is the backbone of the entire insurance functioning, be it soliciting business, policy
issuance, post-sales/claims servicing, and all sorts of compliance, regulatory and communication
management with different stakeholders. This enables the Insurance industry to provide its ‘services’ to
all its ‘customers’ in a prompt and efficient manner and at a reasonable cost.
It would be fair to say that today we live in an age of ever-emerging disruption (Fintech, InsureTech,
HealthTech, WeatherTech, RegTech etc.), all thanks to the power of technology. Technology is impacting
businesses and customers in ways beyond just driving-up greater efficiency and experiences for all. Since
technology is always evolving and in continuous beta, the insurance industry therefore is in a continuous
stage of transition and this impacts all stakeholders. The following highlights some of the key and emerging
technology trends relating to the insurance sector. This is not an exhaustive list but only illustrates a few
trends which will impact the industry, bringing new experiences, efficiencies and all-round improvements.
- Model Ops
- Customer Data Platform
- Artificial Intelligence (AI)
o Computer Vision
o AI Based OCR/ICR (Optical/Intelligent Character Recognition)
o BOTS (Short Form Of ROBOT)
- Regulatory Technology (RegTech)
- Cloud Adoption
- Learning Management
1. Model Ops
Most of us know by now, that there is an ever-increasing adoption of Machine Learning and Artificial
