Technology drives innovation in the Insurance industry

IL TakeCare app – For all your insurance & wellness needs

Policy purchase, claims, renewal & more

Install

1800 2666(Available 24 x 7)
Call Back

Got questions? Let's talk! Share your contact details and we'll give you a call.

Full Name^* Please enter the full name

Mobile no.^* Please enter valid mobile number

Select products^* Please select the product

Please select the product Submit

Thank You for your interest in our product.

Thank You for your interest in our product. We'll get in touch with you shortly to answer your queries.
Live Chat

Girish Nayak,

Chief – Customer Service, Technology & Operation

28 July 2022 Episode #1

Technology drives innovation in the Insurance industry Girish Nayak, Chief – Customer Service, Technology & Operation

15s

30s

Podcast description

The Indian insurance business is undergoing massive digital revolution. Newer digital technologies, such as Artificial Intelligence and Machine Learning, are and will continue to play an important role in developing creative customer experience solutions.
Insurance sector has seen a major shift in consumer expectations & behaviours. The industry has not just adapted but also embraced newer technology, whether it's through an AI chatbot that acts as a Virtual Insurance Advisor, an AI detection model that acts as a Digital Claims Adjuster, or a machine learning model that acts as a smart underwriter. Specifically, on the claims side, IoT, drones, telematics & wearables play a higher role in prevention of incidents as compared to traditional claims management.
Despite several efforts by Government, only 34% of population covered by health insurance, life insurance – 28%, two-wheeler 40% despite it being legally required.
Insurance industry continues to thrive on physical interactions – broker, agent, dealer (sourcing), hospital, TPA, garage and surveyor (claims).
There is huge opportunity to move away from the traditional ways of working – leveraging digital across distribution, claims and servicing, improving customer engagement and towards proactive risk management.
New generation products such as cyber, telehealth and cashless homecare, IoT based risk management solutions, byte-sized insurance products such as vector borne disease, PA for train journeys have become the order of the day.
New types of risks are emerging - pandemic, climate change, privacy and data protection or even hybrid working. For existing products such as motor – usage of telematics to analyze driving behavior to price risk. For health – integration of wearable data in health underwriting and risk management.

On growth strategy / collaborations & partnerships

The Indian insurance business is undergoing massive digital revolution. Newer digital technologies, such as Artificial Intelligence and Machine Learning, are and will continue to play an important role in developing creative customer experience solutions.
Insurance sector has seen a major shift in consumer expectations & behaviours. The industry has not just adapted but also embraced newer technology, whether it's through an AI chatbot that acts as a Virtual Insurance Advisor, an AI detection model that acts as a Digital Claims Adjuster, or a machine learning model that acts as a smart underwriter. Specifically, on the claims side, IoT, drones, telematics & wearables play a higher role in prevention of incidents as compared to traditional claims management.
Despite several efforts by Government, only 34% of population covered by health insurance, life insurance – 28%, two-wheeler 40% despite it being legally required.
Insurance industry continues to thrive on physical interactions – broker, agent, dealer (sourcing), hospital, TPA, garage and surveyor (claims).
There is huge opportunity to move away from the traditional ways of working – leveraging digital across distribution, claims and servicing, improving customer engagement and towards proactive risk management.
New generation products such as cyber, telehealth and cashless homecare, IoT based risk management solutions, byte-sized insurance products such as vector borne disease, PA for train journeys have become the order of the day.
New types of risks are emerging - pandemic, climate change, privacy and data protection or even hybrid working. For existing products such as motor – usage of telematics to analyze driving behavior to price risk. For health – integration of wearable data in health underwriting and risk management.

More podcast

New

IL TakeCare app – For all your insurance & wellness needs

Got questions? Let's talk! Share your contact details and we'll give you a call.

Thank You for your interest in our product.

IL CAFE

Podcast description

On growth strategy / collaborations & partnerships

More podcast

IL Café

OTP verification