Page 33 - Insurance Times December 2018
P. 33
DIGITAL PAYMENT
REVOLUTION IN
INDIAN LIFE
INSURANCE
SPACE- SYNOPSIS
Abstract
Insurance Companies are coping with technological innovation to remain competitive which will boost profitability,
enhance customer delight, streamline operations and reduce costs. Gone were the days when customer rush to a branch
and remits the premium .Now there are manifold ways where customer can pay the premium. Also the KYC (Know
Your Customer) process has been streamlined with the dawn of Aadhar as the proof of identity. We are into an era of
E-KYC where customers can complete KYC Process by just displaying Aadhar Card to the sales person who in turn scans
the Aadhar to retrieve info from UIDAI server. With wide assortment in digital payment gateways, Insurance companies
are transmuting business from push to pull business.
Introduction their major spending pace. Growing up in the current
generation they have their own expectations and priorities.
Technological innovations are disrupting the way business
They are tech savvy and obsessed with Smart Phone and
is carried across spectrums. Insurance industry is no
exception to this digital revolution and metamorphosis. usage of internet. This is surely going to change the entire
sales process.
One of the major segments influencing entire sales process
is Millennials of this decade. Millennials are fast entering
About the author
Dr. R. Radhika Ramesh Kumar Satuluri
Research Guide GITAM University, Hyderabad
Research Scholar
The Insurance Times, December 2018 33
