Indian insurance companies are expected to invest close to `130.4 billion on IT products and services this year. This amounts to a 10.4% increase in IT expenditure over the previous year. Mobility, business intelligence and analytics, and digital marketing are top priorities in this sector.
Insurance companies are now marketing their products using user-friendly mobile applications and websites. Going the digital way helps insurance companies to lower costs and increase market penetration. Mobile applications and websites help insurance companies to connect with their target audience. They also help insurance companies to create awareness about insurance products in tier II and tier III cities.
Issuing policies and managing claims has become easy due to these advancements. People also find it extremely convenient to renew their policies online. The digital platform is a hit with insurance providers as well as insurance seekers due to anytime, anywhere access.
International markets like US and UK have already accepted the digital model. India is also not far behind, especially in case of non-life insurance. Insurance companies are able to issue more policies and settle claims efficiently with the help of the digital model.