| | DECEMBER 20209Digital InfrastructureThere will be a fundamental over-haul regarding an insurance com-pany's digital infrastructure. Mere-ly having a responsive website or a mobile app won't qualify as being digitally forward. The spotlight will be on elevating the customer experience at every touchpoint by creating a digital revolution with-in the company's existing frame-work.Productive PartnershipsToday's digital ecosystem is buzz-ing with like-minded compa-nies that are sailing in the same tech-enabled boat towards of-fering enhanced products and services. Insurers will seek pro-ductive partnerships from new av-enues. Blooming partnerships, in turn, will enhance customer satis-faction and might achieve custom-er delight as well.Embracing TechnologyNow, it is not about collecting data. It is about what you do with that data. Data will be sourced from multiple devices thanks to Telematics, Internet of Things, and partnerships. Artificial Intel-ligence, Robotic Process Automa-tion, and Machine Learning in association with skilled executives will make sense of that data and other information to break-free from legacy infrastructure and create a beneficial ecosystem.Apex AssistanceThe Insurance Regulatory and Development Authority of India (IRDAI) with its recent develop-ments, like the mandatory long-term insurance and unbundling of the cover, has laid the groundwork for productive insurance policies. If insurers streamline their strat-egies to capitalize on such devel-opments, then positive results will show. Fast ClaimsIn 2020, insurers are focusing not just on making claim settlement as hassle-free as possible but also on marketing these efforts. Poli-cyholders need the claims settle-ment process to be instant, accu-rate, and certain. By leveraging technologies such as Blockchain, insurers can not only meet cus-tomer expectations regarding claim settlement but also surpass them.Better PenetrationApart from the metros and tier 1 cities, the car insurance market is underserved. Digitization has enabled insurers to penetrate in tier 2 and tier 3 cities, along with rural areas. With affordable smart-phones and access to the internet, the underserved market will also benefit from car insurance in the future.Customer CentricityIn the end, channelizing all en-ergy towards customer-centric-ity will prove beneficial. When all cogs in the insurer's machin-ery are aligned towards satisfy-ing customer needs, it will lead to a burgeoning, satisfied, and loyal customer base. If all eight points are followed, then the In-dian car insurance industry will accelerate rapidly, if not in 2020 then surely in the first half of the new decade. IN 2020, INSURERS ARE FOCUSING NOT JUST ON MAKING CLAIM SETTLEMENT AS HASSLE-FREE AS POSSIBLE BUT ALSO ON MARKETING THESE EFFORTS
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