| | JUNE 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 empow-erment, regulatory support, and digital 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.1) Brand Building: Insurance 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 glow-ing digital-first insurers, whereas digital-first insurers will continue striving towards building a recog-nizable, distinguishable, and trust-worthy brand.2) Smart Underwriting: Pow-ered by InsurTech facilities, in-surers are relying on smart un-derwriting. This way, they can offer personalized premiums and usage-based pricing as opposed THOUGHT LEADERSHIPINDIAN CAR INSURANCE INDUSTRY IS READY TO ACCELERATE IN THE NEAR FUTUREBy Animesh Das, Head - Product Strategy, ACKO General InsuranceAn IIT Kharagpur alumnus, Animesh, in his over eight years long career, has worked with ICICI Lombard and Coverfoc Insurance, prior to joining ACKO in 2017.
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