Page 22 - Insurance Times March 2024

Digitizing the Future:

A Revolution in the

Indian Life Insurance

Landscape

Shakti Tiwari
Lead Consultant at NGIN,
Infosys McCamish Systems.

"Indian Life Insurance Industry is in midst of a profound digital transformation powered by artificial
intelligence, machine learning, predictive analytics, mobile service enablers, the Insurance Industry
is undergoing a change which will stay for years to come. Initiatives like Bima Sugam (IRDAI) DIVE
(LIC) are just tip of the iceberg."

Introduction: Digital Imperative
Indian Life Insurance Industry is in midst of a profound digi- Covid propelled contactless and straight through processing
tal transformation powered by artificial intelligence, ma- initiatives where human touch was minimal. Also lead to
chine learning, predictive analytics, mobile service enablers, product innovation from protection centric to wellness-ori-
the Insurance Industry is undergoing a change which will ented products. It propelled the Digital transformation of
stay for years to come. Initiatives like Bima Sugam (IRDAI) Life insurance to new levels -The fusion of cutting-edge tech-
DIVE (LIC) are just tip of the iceberg. nologies with business processes has become a catalyst for
innovation, efficiency, and sustained growth.
This article delves into the key aspects of the digital revolu-
tion sweeping through the Indian life insurance sector and Key Initiatives in digital Life Insurance.
its implications for insurers and policyholders alike.
1. Digital Distribution channels
Overview: Although for Fiscal year 2022-23, only 0.88 percent
Change is constant; however, it was never so fast paced ever (IRDAI Annual Report 2022-23) New business premium
in history. We are witnessing unbelievable shifts in technol- was sourced through Online Channel and Web
ogy, workforce, customer expectations, market volatility, aggregators, Online channels are evolving as the most
explosion in cybercrime and Indian Insurance sector is no preferred mode of purchasing insurance. Also, an Online
exception. There is an urgent need for Insurers to trans- customer may be well aware of his/her insurance needs.
form their tech infrastructure and product and service mod- Currently there is a huge gap between demand and
els not just to bring in profitability but also to sustain and supply of Contactless Life Insurance Purchase.
survive in the everchanging conditions. As per McKinsey report (January 2021), "At the prod-

20 March 2024 The Insurance Times