Page 44 - The Insurance Times September 2024

InsurTech Series

What is next for

Insurance

Distribution?

Sumanas Kar Venkat Malladi
Senior Director - Co-Founder and CTO
Asia Sales

In today's fast-paced world, the only constant is rapid change. While change has been a buzzword
across all industries, insurance was often perceived as slow and unyielding due to its complex
regulatory environment and the nature of its products. However, the last decade has turned this
perception around.

I n today's fast-paced world, the only constant is rapid they had in the market. Hence, the initial focus was to invest
in tech to help align their core processes-underwriting,
change. While change has been a buzzword across all
industries, insurance was often perceived as slow and
unyielding due to its complex regulatory environment and claims, and so on-with a primary focus on risk. Additionally,
creating leads and opportunities led most large
the nature of its products. However, the last decade has organizations to invest in CRM systems, focusing mainly on
turned this perception around. The insurance sector has seen pipeline management. Once this component was fixed, the
significant tech transformation, product innovation, the focus shifted towards customer experience and, to some
emergence of new forms of insurance, and the proliferation extent, seller experience."
of players.
Sumanas:
What defined the last decade in terms of tech adoption for
insurance, and what will take precedence in the next "So, if we really look at it, the seller has not been the focal
decade? Sumanas Kar, Regional Director for India and South point while implementing technology in the previous two
decades-even though CRMs are supposed to be seller-
Asia Sales at Vymo, and Venkat Malladi, co-founder and CTO
of Vymo, catch up over coffee to discuss the tech trends in centric. The focus has always been on risk, pipeline, and
insurance, especially from a distribution perspective. customer experience. I do not think we have solved for the
seller by means of solving for other personas. What do you
The Last Decade of Tech Adoption in think?"
Insurance Venkat:

Sumanas: "I agree. The seller lifecycle is fragmented across different
"Venkat, you've worked with some of the largest insurance systems. For example, systems like commissions and
organizations in the past decade. How would you summarize compensation are retroactive-they compensate the seller
this decade in terms of tech adoption?" for sales already made, rather than supporting proactive
performance management. Other standalone solutions like
Venkat: document management or learning systems also do not
"The primary differentiator for insurers was the products prioritize the seller as the primary persona."

40 September 2024 The Insurance Times