| | JUNE 20209to 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.3) Digital Infrastructure: There will be a fundamental overhaul regarding an insurance company's digital infrastructure. Merely having a responsive web-site 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 within the company's existing framework.4) Productive Partnerships: To0day's digital ecosystem is buzzing with like-minded com-panies that are sailing in the same tech-enabled boat towards offering enhanced products and services. Insurers will seek pro-ductive partnerships from new avenues. Blooming partnerships in-turn will enhance customer sat-isfaction and might achieve cus-tomer delight as well.5) Embracing Technology: Now, 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.6) Apex Assistance: The In-surance Regulatory and Develop-ment Authority of India (IRDAI) with its recent developments like the mandatory long-term insur-ance and unbundling of the cov-er, has laid the groundwork for productive insurance policies. If insurers streamline their strate-gies to capitalize on such devel-opments, then positive results will show. 7) Fast Claims: In 2020, insur-ers are focusing not just on mak-ing claim settlement as hassle-free as possible, but also on marketing these efforts. Policyholders need the claims settlement process to be instant, accurate, and certain. By leveraging technologies such as Blockchain, insurers can not only meet customer expectations regarding claim settlement, but also surpass them.8) Better Penetration: Apart 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 smartphones and access to the internet, the underserved market will also benefit from car insurance in the future.9) Customer Centricity: In the end, channelizing all energy towards customer-centricity will prove beneficial. When all cogs in the insurer's machinery are aligned towards satisfying customer needs, it will lead to a burgeoning, satis-fied, and loyal customer base. If all eight points are followed, then the Indian car insurance industry will accelerate rapidly, if not in 2020, then surely in the first half of the new decade. BY LEVERAGING TECHNOLOGIES SUCH AS BLOCKCHAIN, INSURERS CAN NOT ONLY MEET CUSTOMER EXPECTATIONS REGARDING CLAIM SETTLEMENT, BUT ALSO SURPASS THEMAnimesh Das
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