| | DECEMBER 20208InsurTech has been quite the buzzword in India in the re-cent past. In 2020, it is not a novelty anymore. InsurTech has grown rapidly from a crawling baby to a toddler and is jumping enthusiastically to be a kindergar-tener. In developed countries, it is probably completing schooling or joining college. However, in 2020, things look bright for the Indian InsurTech segment, especially the car insurance industry.The Indian car insurance in-dustry is all set to shift gears and accelerate in the coming years. This shift is primarily based on three pillars; internet empower-ment, regulatory support, and dig-ital infrastructure. Read ahead to know eight points that will help the Indian car insurance indus-try to avoid barricades and race ahead. This will ultimately benefit the policyholders as it will result in a better insurance experience. Insurers have already worked on some of these points and gained a competitive advantage. Here's the list.Brand BuildingInsurance is a business of trust and potential policyholders trust brands more than just companies. Traditional insurance companies will need to rebrand themselves for the digital generation to shine amidst glowing digital-first insur-ers. Whereas digital-first insurers will continue striving towards building a recognizable, distin-guishable, and trustworthy brand.Smart UnderwritingPowered by InsurTech facilities, insurers are relying on smart un-derwriting. This way, they can of-fer personalized premiums and usage-based pricing as opposed to charging a standard premium for Comprehensive policies. This will fetch them profits and earn brownie points from the custom-er for rewarding safe drivers. Be-sides, insurers are looking to auto-mate the bulk of the underwriting process where manual resources come into action to make deci-sions and not to offer the basis for those decisions.Being associated with ACKO for around three years, Animesh has over eight years of experience in the finance industry. By Animesh Das, Head of Product Strategy, ACKO General InsuranceTHOUGHT LEADERSHIPINDIAN CAR INSURANCE INDUSTRY IS READY TO ACCELERATE IN THE NEAR FUTUREAnimesh Das
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