Page 24 - Insurance Times March 2024

Having an Agile Cross functional team, enables an in-
surer to accelerate its speed to market for new prod-
uct launches, better risk management, enhanced Cus-
tomer engagement and fostering innovation in a rap-
idly evolving market.

By embracing agile principles and practices, life insur-
ance companies can become more agile, resilient, and
customer-centric, positioning themselves for long-term
success in the digital age.

Life Predictive underwriting, AI can also predict Conclusion
future claims, helping Insurers to adjust their re- In the era of ever evolving digital landscape, digital trans-
serves accordingly. formation is no more a matter of choice but dire necessity
to businesses if they want to stay ahead to the curve and
5. Block chain for Cyber security and Transpar- remain competitive and profitable.
ency
By embracing a holistic approach, Insurers can unlock new
Digital Explosion has led to largescale online data ex-
levels of new levels of innovation, efficiency, and customer
posure and Cybercrime is currently the biggest threat
to any industry. satisfaction.
Forging of documents for financial gain, theft of insured Those who have onboarded the digital disruption bus early,
property, challenging scenario of proving liability are a have already started reaping the benefits.
few of the challenges faced by an insurance company.
Conventional methods of addressing these challenges Understanding the future, IRDAI has also come up with its
take a significant amount of time, money, and labour. innovative portal Bima Sugam- one-stop shop for all insur-
Technologies like Big Data, Blockchain, Smart Contract, ance related queries, policy purchase, claim settlement and
etc. are prophesied to dramatically change the func- insurance advisory.
tioning of insurance sector and make lives of all parties
involved, hassle free (Gatteschi et al). References
Several industries in the global market have taken a 1. https://www.mckinsey.com/industries/financial-ser-
technologically advanced step by adopting and imple- vices/our-insights/moving-to-a-user-first-omnichannel-
menting blockchain for the purpose of transparency and approach
traceability. Blockchain technology provides a decentral- 2. Gatteschi V., Lamberti F., Demartini C., Pranteda C.,
ized and open platform that allows the creation of a Santamaría V. (2018). Blockchain and smart contracts for
transparent, secure, and robust database (Lipsey et al). insurance: Is the technology mature enough?. Future
Internet, 10(2), 20.
Implementation of robust cybersecurity measures to
3. Lipsey R. G., Carlaw K. I., Bekar C. T. (2005). Economic
protect sensitive customer data and ensure the integ-
transformations: general purpose technologies and long-
rity of digital transactions while ensuring transparency
term economic growth. Oxford University Press.
in all transactions is the most pertinent requirement of
the industry and Block chain Technology can be one of About author
the most suitable solutions.
Shakti Tiwari is a lead consultant at NGIN, Infosys
McCamish Systems.
6. Agile Methodologies
She has over 20 years of experience in Life Insurance and
Agile Methodologies, though originated in software de-
velopment is now increasingly being used in other in- Annuities and has experience in lines of business of all
areas from point of sales to Claims in LIC, ING Life etc.
dustries including Life insurance. Many Carriers like ICICI
Life, Canara HSBC or Insurance aggregators like Policy She has spearheaded various leadership initiatives to
Bazar have embraced Agile methodologies in their day bring Digitisation, Analytics and Automation across Ac-
to day working. counts and Geographies.

22 March 2024 The Insurance Times