Page 25 - The Insurance Times April 2025

Customer sentiment analysis helps insurers under- Integration of IoT and Telematics: Utilizing IoT-pow-
stand policyholder expectations and tailor services ered health devices and telematics for improved policy
accordingly. customization.
4. Internet of Things (IoT) and Telematics Cloud-Based Operations: Enhancing digital platforms
IoT-enabled devices help monitor health metrics, with cloud computing for better accessibility and secu-
vehicle usage, and home security, leading to usage- rity.
based insurance pricing.
Telematics in auto insurance enables behavior- The Growing Importance of Health Top-
based premium adjustments. Up Plans in Metro Cities

Wearable health devices provide insurers with real- With healthcare costs skyrocketing in metropolitan areas,
time data on policyholders' fitness levels, allowing standard health insurance coverage often falls short of
for personalized health coverage plans. meeting expenses. According to a 2023 report by the Na-
5. Robotic Process Automation (RPA) tional Sample Survey Office (NSSO), healthcare inflation in
Automates repetitive tasks, enhancing efficiency in India has been rising at a rate of 14% annually. In cities like
claims processing, underwriting, and customer Mumbai, Delhi, and Bangalore, hospitalization costs have
onboarding. increased by nearly 50% in the last five years. The cost of
coronary artery bypass surgery, for instance, has surged
Reduces manual intervention, leading to quicker from INR 2.5 lakh in 2018 to over INR 5 lakh in 2023.
settlements and improved operational efficiency.
Streamlines policy renewals and customer interac- This rise in medical expenses has led to an increased demand
tions, improving overall user experience. for health insurance. The Insurance Regulatory and Devel-
6. Cloud Computing and Cybersecurity opment Authority of India (IRDAI) reported that the num-
Cloud-based platforms ensure data security, ber of people covered under health insurance policies grew
scalability, and seamless integration of digital ser- from 50 crore in 2018 to over 75 crore in 2023. The demand
vices. for health top-up plans has also seen a sharp rise, as they
provide additional financial protection beyond the base sum
Advanced cybersecurity measures help prevent insured.
data breaches, ensuring customer trust.

Cloud computing facilitates remote accessibility, al- Key advantages of health top-up plans include:
lowing insurers to provide seamless digital experi- Cost-Effectiveness: Top-up plans provide higher cover-
ences. age at a fraction of the cost of regular policies.
Extended Coverage: Covers medical expenses beyond
SMC Insurance Brokers' Contributions to the base health insurance limit.
the Insurtech Revolution Flexibility: Can be purchased with any existing health

SMC Insurance Brokers Pvt. Ltd. has been at the forefront insurance policy.
of integrating these technologies into its operations. By le- Tax Benefits: Offers tax deductions under Section 80D
veraging digital platforms, SMC has improved accessibility of the Income Tax Act.
and transparency in policy offerings. Key contributions in-
clude: Additional Security: Provides an added layer of finan-
cial security against unforeseen medical emergencies.
Digital Transformation: Implementing AI-powered
chatbots and customer service solutions to streamline Rising Medical Inflation: Helps policyholders cope with
query resolution. escalating healthcare costs in urban areas.

Data-Driven Insights: Utilizing predictive analytics to Customizable Coverage: Allows policyholders to choose
tailor policies based on customer needs. specific top-up plans based on their healthcare needs.

Seamless Online Policy Issuance: Enhancing user ex-
perience with automated policy issuance and claims Future of Insurtech and SMC's Vision
settlement. The future of insurtech is promising, with rapid advance-

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