Page 37 - Insurance Times May 2024

is the potential for innovation in product design and digitization heralds a new era of transformation and
distribution. Insurers are increasingly exploring digital-first opportunity for the Indian life insurance sector. From
solutions, such as parametric insurance and microinsurance, to enhanced customer experiences to greater innovation and
cater to the diverse needs of customers. From customizable efficiency, the benefits of digitization are manifold for both
coverage options to pay-as-you-go policies, these innovative insurers and policyholders. As the industry embraces
offerings empower policyholders to tailor their insurance technology-driven solutions, the common policyholder can
solutions to fit their unique lifestyles and risk profiles. look forward to a future where insurance is not just a safety
net but a seamless and empowering tool for financial
For instance, a young professional may opt for a flexible term security and peace of mind.
life insurance policy that adapts to changes in income and
lifestyle, while a small business owner may prefer a bundled About the Author:
insurance package that includes coverage for both personal Neeraj Kaushik, Principal Consultant, is a Product
and professional risks. By offering greater choice and Manager for the Infosys® McCamish NGIN platform
flexibility, digitization enables insurers to better align their initiative at Infosys McCamish Systems, US. He is a
products with the evolving needs and preferences of published author and Top Voice on LinkedIn in 5 areas-
policyholders, fostering greater engagement and loyalty in Insurtech, Business Analysis, Product Management,
the process. Artificial Intelligence and Data Architecture.

Prior to this, Neeraj was part of Big 4 Consulting firms
Moreover, the budget's push for digitization is expected to
like PwC & Deloitte where he led digital transformation
drive greater efficiency and cost savings across the
programs and strategic consulting initiatives across the
insurance value chain. By digitizing processes such as
Life, Annuities, and Property & Casualty Insurance
underwriting, claims assessment, and policy administration, space.
insurers can reduce manual errors, minimize paperwork,
and optimize resource allocation. These efficiencies not only He holds a master’s degree in insurance & risk
management from Birla Institute of Management
translate into cost savings for insurers but also enable them
Technology (BIMTECH) and the designations of ALMI
to offer more competitive premiums and higher returns to
(LOMA), Fellow of Risk Management Association of India
policyholders.
(RMAI) and President Select Member (Leadership
Excellence at Harvard Square).
In summary, the 2024 Union Budget's emphasis on

Preserving Assets in Crisis: Understanding Water Damage

Restoration

Water damage can wreak havoc, whether through natural disasters or human-induced accidents. Water Damage
Restoration (WDR) services are crucial in mitigating its impact. This emergency service aims to dry and restore water-
damaged assets, protecting them from further harm and restoring functionality.

The problems posed by water damage are multifaceted. From property damage to business interruptions, the
repercussions are significant. For businesses, it means interrupted operations and unforeseen costs. Insurers face
unexpected compensation payouts, while individuals experience loss of property and assets.

In such scenarios, immediate action is imperative. Drying and restoration services are aimed at removing moisture
from affected materials. Desiccant Dehumidifiers can be used for effective moisture removal, while high-velocity air
blowers can expedite the evaporation process, facilitating rapid drying. These tools efficiently remove moisture,
preventing secondary damage from mould and corrosion.

Water damage is unpredictable, but with prompt and effective restoration services, its impact can be significantly
mitigated, benefiting businesses, insurers, and individuals alike.

34 May 2024 The Insurance Times