Indian Insurance Industry and Digitalization
Journal Title: Review Journal of Political Philosophy - Year 2018, Vol 0, Issue 1
Abstract
: Indian insurance sector offers great potential for growth.The low insurance penetration as compared to the world average provides a plethora of opportunities for this industry. These opportunities can be exploited only by the adoption of technology and digitalization in this growing industry. The main purpose of the paper is to describe the constraints restricting the progress of Indian insurance market, which can be overcome by the use of new-age technology like social media, internet-of-things (wearable electronic devices, environmental sensors, telematics, AI). These technologies offer useful insights to the insurance companies into a customer’s environ0ment. This real-time information helps in customizing premiums, easy & quick claims redressal, and timely detection and prevention of risks. The paper studies the initiatives taken and technology implementation done by a few Indian insurance companies (InsurTechs) towards digitalization that is applicable across the complete insurance value chain. Moreover, a few challenges like privacy of data need to be addressed by the Indian insurance sector before implementing the technology. The insurance industry in India is undergoing multiple disruptions in its functioning, with the expansion of digital footprint. According to CII-PwC 2017 report on ‘Evolving considerations for the Indian insurance industry’, “Global average investment in digital technologies is increasing over the years, while the insurance industry in India is lagging, both in its level of digitalization and its ability to realize financial returns on its digital investments.” Of late, the Indian insurance industry is getting intensely impacted by the penetration of digital technologies across the globe. These technology advances will have widespread applications across different stages of the insurance value chain including sales, underwriting, claims, and customer service.
Authors and Affiliations
Dr. Alka Suri
Keywords
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Indian Insurance Industry and Digitalization
: Indian insurance sector offers great potential for growth.The low insurance penetration as compared to the world average provides a plethora of opportunities for this industry. These opportunities can be exploited only...