Page 23 - Insurance Times April 2020

Technology

STREAMLINING

INSURANCE VALUE

CHAIN IN SYNC WITH

EMERGING

TECHNOLOGY TRENDS

I n the second decade of the 21st century, we Streamlining Insurance Value Chain

witnessed rapid technological advancement at
As the advanced technologies continue to disrupt the
phenomenal speed. In just about 8-10 years, a
significant part of human life was affected by
current - 'reactive' mode to 'predict and prevent' mode.
advanced technologies. This technology disruption changed insurance sector, the industry will have to move from its
And, this evolution will have to be at a faster pace than ever
considerably every industry all over the globe and the before as the stakeholders in the insurance value chain like
insurance industry is no exception.
the intermediaries, consumers, insurers, Insurtech firms and
TPAs become more adept at using new technologies.
The ever increasing use of internet, mobility and social
networking have changed the game and created a new To stay competitive in this new landscape, insurance
generation of customers who demand simplicity, speed, companies have started taking a fresh look at the value
transparency and ease in their interactions. These trends chain - including products, distribution methods and service
will accelerate, leading to a situation where customers will models - through a digital lens.To gain a competitive edge,
be more willing to buy directlywith the help of their online several insurers have already deployed automation in areas
and offline trust network of friends and acquaintances in like new business underwriting, renewals, claims processing,
taking an insurance-relateddecision.
finance, and some more are following suit.Modern digital
engineering can provide a competitive advantage on any or
About the author all parts of the value chain (see Figure 1).

B R Singh Following are the emerging insurance industry technology
Assistant Professor trends, which are expected to impact the domain. They will
Amity School of Insurance help those vendors who embrace them, stay firm inthe
Banking and Actuarial Science competition and enhance customer satisfaction through
Amity University, Noida
these innovations.
The Insurance Times, April 2020 23