Page 41 - India Insurance Report 2023- BIMTECH

India Insurance Report - Series II 29

Successful business models will drive increased collaboration with traditional competitors, emerging
InsurTechs, big tech companies and adjacent industries. Take, for example, the rapid evolution of platform-
based business models like marketplaces and embedded insurance. To serve customers in an evolving
digital landscape, insurers are building up their nontraditional distribution models and fully digital
‘insurance-as-a-service’ offerings.

To remain competitive, insurers must reimagine how they serve customers, provide advice, and
capitalise on new partnerships and innovative engagements in order to create sustainable business models
that drive growth and enhance the customer experience.

Insurers will collaborate (co-creation, partnership, acquisition) with insurTechs as one of their
important sources of innovation and increasingly engage in ecosystems that serve broad needs of customers
like manufacturing, retail and healthcare. These partnerships will not only broaden the customer base
but also help in creating integrated solutions that add value to the customers’ experience.

5. Power of Talent – Navigating the Evolving Workforce Landscape

The evolving market landscape demands an equally evolving approach to the talent in organisation. An
organization must keep its talent strategy closely aligned with the change in the business strategy. The recent
market needs make it imperative that organizations build their talent pool further to augment technology &
product management skillsets in a significant way. Some companies are bringing in these skillsets as part of
the organisation both from the campuses & laterally as well. This allows them to have experienced resources
for immediate needs while training the campus hires for future needs. To improve the talent mix further, it is
imperative for progressive companies to step up efforts to build a gender diverse workforce at all levels and
build the talent pipeline for the future through entry-level opportunities from campuses.

As the business context and the technology landscape change, it becomes necessary to invest in
learning & development interventions to ensure that the skills of the workforce are augmented to enable
them to stay relevant to changing business needs. While focusing on touching all employees through
different learning interventions, the learning strategy must be multi-pronged to incorporate classroom
& self-learning sessions. Learning experience platforms (LXP) support and offer personalized learning
experiences driven by AI & aligned to the current and future professional development needs of employees
and host various learning journeys for employees.

6. ESG – Embracing Sustainability In Corporate Strategies

Environmental, Social, and Governance (ESG) criteria have become increasingly important in the
insurance sector, not just in India but globally. ESG can influence an insurer’s operations, investment
decisions, product offerings, and overall brand reputation.

Environmental Factors: With the increasing impact of climate change, environmental considerations
are becoming critical in the insurance sector. Natural catastrophes like floods, cyclones, earthquakes
and wildfires can lead to massive insurance claims. Insurers need to consider such environmental risks in
their underwriting and pricing decisions. They also have a role in promoting environmental sustainability
by providing coverage for green technologies like renewable energy and electric vehicles.