Insurers must adapt to New-age customers’ needs, leverage on the explosion of data and digital footprint and the changing investment environment as the sector is undergoing unprecedented modernisation.
The CII - PWC report, titled ‘Evolving Considerations for the Indian Insurance Industry’ discusses three key areas relevant to the current insurance sector – Simple Products and Low Cost Distribution, Digitization and Fraud Management and Broadening Investment Horizon. The report said that eco system for insurance in India is rapidly changing.
Government of India initiatives such as demonetization, introduction of UPI, India Stack are accelerating the adoption of digital technologies. The Insurance Regulatory & Development Authority of India (IRDAI) is heralding change through its e-insurance initiative and financial literacy programs. Mobile adoption and internet trends under Digital India banner are bringing in a new generation of customers who are conversant and comfortable with using technology for their financial decisions. “It is important to adapt to strategies that align with these changing trends to stay ahead of competition,” said the report. It added that some of the ways of achieving transformation in Indian Insurance Sector can be illustrated as follows. There needs be a simplification of products in the areas of policy benefit, wording of policy, application process and the claim process.