The COVID-19 pandemic played an important role in driving digitization in the insurance sector. The world has seen an increased need for easy access to insurance information, products and services. With the digital boom and adoption, a large number of insurance policy buyers have become comfortable finding and buying policies online. Digital transformation in the insurance operating model and enhancement of customer experience through digital and remote channels can be expected in the coming year 2022.
Expectations from insurers as they prepare for post-pandemic growth
Despite the ongoing COVID-19 pandemic concerns, insurance companies are expecting more rapid growth in 2022. Strategic priorities of the insurance industry include striking a balance between flexible work models and automation and the need to maintain human interaction with customers. Insurance companies are not shying away from embracing technological innovation as they prepare to step out of their comfort zone. The coming year will certainly propel insurance companies to move through this time of profound change in the insurance sector and deal with the disruption caused by technology and some new entrants in the market.
The role of technology in disrupting the insurance industry
Meeting customer demands will be a top priority for insurance providers in the year 2022, especially when technological advancements are accelerating. Even when technologies and digitization have been present for the past several years, new advancements like machine learning, artificial intelligence, blockchain technology and more are expected to disrupt the insurance sector in terms of onboarding and servicing customers. Automatic updating of customer information, needs and choices, collecting customer data based on their behaviour, claims management are some examples of how upcoming technologies are going to rule the insurance sector. It would be impossible to imagine the insurance world without AI, Internet of Things and many such technological advancements in the future ahead of us.
Upcoming Disruption Due to Online Insurance Platforms and What to Expect in 2022?
Emerging online insurance platforms have embraced technological advancements with open arms. Post-pandemic India has become a new opportunity for such companies to drive innovation in the insurance industry and not only survive, but thrive. In 2022, we can expect new players as well as those ruling the insurance market to introduce new technologies and data sources such as chatbots, increased social media presence, telematics, and enhance their capabilities to acquire new customers. Do more for Manage insurance policies.
In the huge market of the insurance industry, startups are emerging as game-changers that are growing steadily. According to data from a recent survey by Goldman Sachs Asset Management, nearly 60% of insurance companies worldwide reportedly invest in or undervalue investments in insurtech startups. Emerging insurance companies or insurance startups use data differently from traditional insurance companies. Insurtech companies not only collect data, but also integrate and combine countless data points collected with the acquisition, underwriting and administration of insurance policies, which they write. The objective behind the strategy is to promote personalization, accuracy and speed. The year 2022 can be expected to be the year of technological advancement, which is being embraced in terms of business models, new insurance platforms going completely online, etc.
Look Ahead for Insurance
InsuranceDekho is one of the leading and fastest growing InsurTech startups, By Girnar Insurance Brokers Pvt Ltd , The company did a business of Rs. 1,200 crore in premium in the financial year 2021. Going forward, InsuranceDekho expects 3X growth in FY 2022. In its endeavor to make the customer experience unique, the company makes use of its NLP-based chatbots which play a vital role in helping the customers. Find out their ideal insurance policy after thoroughly understanding their requirements. The company makes best use of data science and analytics to drive customer centric experience. In 2022, InsuranceDekho is all set to welcome and embrace new technologies that help make insurance a gratifying experience for all.
The future of the insurance industry in India is bright in the times to come. Insurtech’s role in making the Indian insurance sector the fastest growing industry in the country is going to be huge in the future. InsuranceDekho has been continuously striving towards offering the unmatched combination of Insurance and Technology in India. The company is committed to making the insurance experience better than ever.
(by Ankit Agarwal, CEO & Co-Founder, InsuranceDekho)
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