With over 624.0 million internet users and 1.10 billion mobile connections, India is on the road to becoming one of the world’s biggest digital economies. Emerging technologies are propelling the digitization of the Insurance sector. The enhanced spending on infrastructure, speedy implementation of projects and continuation of reforms are expected to provide further impetus to growth in the Insurance value chain. The adopters of new technology are steadily improving operations in all areas of insurance. To successfully compete in the new landscape, insurance companies need to revitalize the value chain through automation.
The key steps of the project approach in a value chain are :
- Process simplification
- Achieving common processes across products and channels
- Harmonization of processes from merged organizations
At the 25th Inflection BFSI Tech Innovation Web conference & awards, we observed that Amreesh Kher, Head Distribution and partnership of Axis Bank with Max Life Insurance, put forth his views on the advantages of technology like Big Data which helps to create convenience in the customers’ life.
India’s most prestigious technology awards ceremony was held online where the top BFSI Tech leaders got awarded. More on Awards
Kamlesh Manuja, Head of Business Operations & Customer Service at Edelweiss Tokyo shared his views on the role of the regulator in enabling the entire hyperconnectivity. He added that the regulator played an enabler to bring decisions to the doorstep of insurance companies so that the entire benefit can be passed to customers.
Shweta Srivastava, Head IT, Paul Merchants highlighted some of the major technical advancements which are going on. She said that the focus is more on exploring different channels through which one could reach out to the customers to discover new opportunities. Exploring the new technologies in terms of AI& ML to connect with customers through e-commerce platforms; using video for performing KYC of customers for contactless risk assessment and fraud management.
Raj Srivastav, Segment head- Productivity & Strategy, Reliance GI elaborated the role of human forces (employees), use of Big Data for analytics and the entire system architecture which plays a very important role in the insurance value chain.
At last, the moderator of the panel Puneet Kaur Kohli, CTO, Universal Sompo GI summarized the impact of Covid 19 on BFSI and concluded that Covid-19 on BFSI has led to growth. The decreased productivity and lockdown have started to take a toll on the finances of the corporate sector, supply chain disruption, manufacturing hindrances, crippled health systems and the need for a public funds stimulus to continue operations smoothly. For this, digitalization has played a very big role and as a result, the solutions are emerging faster than the problems now. She emphasizes that Covid 19 has taught us the strategies of new normal, working from anywhere, the strategy of substituting physical touch with a virtual touch and a web personalization for different customers.
The web conference ended with India’s most prestigious awards ceremony where the top IT Industry leaders of India got awarded.