Technology drives innovation in the Insurance industry

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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.

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Podcast description

On growth strategy / collaborations & partnerships

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