How tech is disrupting the insurance industry in India.

The Indian insurance industry has been overdue for a quantum change. Coincidentally, the urgency to change became noticeably clear during the pandemic. Already, many insurance companies have started investing in sophisticated technologies to enhance their capabilities. Still, progress remained slow and has only been driven by absolute necessity. However, these companies also experienced an evident advantage in terms of growth.

In 2022, finally, it seems like we might be able to keep the COVID virus at bay. So how and what all happened in the last two years? What should be done next? And what is PrishaPolicy doing?

Predictive Analysis

As more and more data is being gathered in the digital age, the salient players have started using the same data to understand and predict customer behaviour and needs. However, we believe it is the tip of the iceberg. Soon the insurers will start using this to generate quotations faster and then create policies more quickly. And we think that predictive analytics can be used for so much more, for example:

-       Identifying the risk of fraud

-       Triaging claims

-       Identify outlier claims

-       Anticipate purchase behaviours

IoT and Telematics

Several international motor insurance companies are leveraging the latest car tech to analyse data on speed, location and accidents to help determine the appropriate premium of the motor policies. Enhancement in technology across industries enables insurers to collate more data on when and how an incident happened, permitting rapid and accurate claim processing capabilities. We strongly believe that soon that will also be the case in the Indian insurance market.

It will allow both the insurance companies and their customers in the following ways:

-      It will encourage safer driving habits

-      Lower premium cost for consumers

-      Lower the claim processing costs for insurers

-      Change customer relationships from reactive to proactive

Chatbots and AI

The industry has seen an influx of chatbots and AI systems allowing consumers to self-service. Ever since the launch of Myra by ICICI Lombard back in December 2016, most insurance companies have launched their chatbots, Aria for Digit, Tara for Tata AIG, and now IRDAI itself is investing in a chatbot that one can find on their new website. Chatbots allow companies in numerous ways; some of them are:

-      Lead Generation

-      Reducing Costs

-      Simplifying Claims Process

-      Update Policies

-      FAQs

Introduction of InsureTech Start-ups

Start-ups are always at the forefront, and curious minds wish to change the industry altogether. As per the data by IBEF, there are currently 100+ InsureTech start-ups, most of which were established during the pandemic. Every core aspect of the pipeline has seen an innovator, from lead generation to claim settlement. We will deep dive into what all start-ups are shooting for the stars on a different date. However, new blood is willing to compete in an industry still heavily regulated and dominated by large and old players can propel the industry into a revolution.

PrishaPolicy's attempts to keep up with the transforming industry

As insurance brokers, we must keep up with the industry and stay ahead of the competition to help our clients get the best experience. We are taking a new leap in our business ideologies. We have always been a tech-enabled company, but now we aim to become a tech-driven company. With the launch of our latest product, "Leap", we aim to provide all our partners with the assistance of technology and the joy of working with a seamless piece of software they can trust. We aim to rework our website to synergize with our new vision and create an internal customer management tool to provide faster and more accurate services to our clientele.

At PrishaPolicy, we firmly believe that technology will be a driving force to revolutionize the industry. Still, at the same time, we also understand the value of the human touch in an intricate process like insurance. Human contact and technology go hand in hand in creating a completely satisfactory experience. And therefore, we aim to introduce the concept of "bionic interactions" in our ecosystem.