Insurers in India have the opportunity of changing the landscape by rethinking their traditional roles and adopting ecosystems said speakers at a webinar organised yesterday by the Insurance Institute of India (III) and the Digital Insurer.
In the midst of the COVID-19 pandemic the rapid and extensive use of digital technologies in everyday life has become commonplace with people waking up each day to a world in which the smartphone has become the most important tool. Companies are today giving priority to customers and this has allowed them to capture previously unimagined territory and reach out to millions across the globe.
Speaking at the opening address III secretary general Deepak Godbole said that the Indian insurance industry must look at using technology in innovative ways with a focus on the customers.
Apollo 24/7 CEO Antony Jacob said that the time was ripe for the insurance industry to move rapidly into the technology space. Citing a McKinsey report, he mentioned how ecosystems will account for 30% of global revenues by 2025.
He highlighted the case of Chinese insurer Ping An’s healthcare ecosystem that extracts data from the healthcare system and applies it to patients’ lives to improve human health outcomes which are linked to the company’s insurance platform. Such an ecosystem was being developed in India and could be rolled out soon, he said.
Insurance industry veteran and advisor K Gopalakrishnan said that over the last five to seven years digital has started getting serious attention from the insurance sector. “A vibrant InsurTech ecosystem has started challenging many existing practices,” he said.