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Technology drives innovation in the Insurance industry

by Adnan Ansari | Jul 19, 2022

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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    Technology drives innovation in the Insurance industry

    by Adnan Ansari | Jul 19, 2022

    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.
    Show oldest on top

    Write a review
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      Leave a comment

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      ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhi Vinayak Temple, Prabhadevi, Mumbai - 400025.

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      ICICI Lombard General Insurance Company Ltd. is one of the leading private sector general insurance company in India offering insurance coverage for motor, health, travel, home, student travel and more. Policies can be purchased and renewed online as well. Immediate issuance of policy copy online.

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