Page 36 - Insurance Times May 2024

Union Budget's

emphasis on digital

transformation in Life

Insurance sector and

Neeraj Kaushik
how it impacts on Principal Consultant at Infosys
McCamish Systems, US.
common policy holders ALMI, FIII, Fellow-RMAI

"The digital revolution sweeping through various industries has now firmly set its sights on
insurance, and the life insurance sector in India is no exception. Recognizing the transformative
potential of technology, the government's budgetary provisions aim to harness digital tools and
platforms to streamline operations, improve service delivery, and ultimately, empower policyholders."

I n a bold move towards modernization and efficiency, whether it's through personalized policy recommendations,

the 2024 Union Budget of India has laid down a
proactive risk management, or seamless claims processing.
roadmap for the digitization of the country's life
insurance sector. With a keen eye on fostering
responsive and user-friendly insurance experience. No longer
innovation and enhancing customer experiences, the For the common policyholder, this translates into a more
budget's push for digitization holds immense promise for bound by cumbersome paperwork or lengthy processing
both insurers and policyholders alike. times, policyholders can expect faster and more efficient
services, from purchasing policies online to managing claims
The digital revolution sweeping through various industries through intuitive digital interfaces. In essence, digitization
has now firmly set its sights on insurance, and the life promises to make life insurance more accessible,
insurance sector in India is no exception. Recognizing the transparent, and hassle-free for the average consumer.
transformative potential of technology, the government's
budgetary provisions aim to harness digital tools and Furthermore, the budget's emphasis on digital inclusion
platforms to streamline operations, improve service opens up new avenues for reaching underserved segments
delivery, and ultimately, empower policyholders. of the population. With the proliferation of smartphones and
internet connectivity, even rural and remote communities
One of the key implications of this digitization drive is the can now access life insurance products and services through
heightened focus on customer-centricity. By leveraging data digital channels. This democratization of insurance not only
analytics and artificial intelligence, insurers can gain deeper expands the market for insurers but also extends financial
insights into customer preferences, behaviors, and risk protection to previously overlooked segments of society.
profiles. Armed with this knowledge, they can tailor their
offerings to better meet the evolving needs of policyholders, Another significant implication of the budget's digitization push

The Insurance Times May 2024 33