The COVID-19 pandemic has played a pivotal role in the push for digitization in the insurance industry. The world has witnessed an increased need for easy access to insurance information, products and services. With the acceleration and adoption of digital, a large number of insurance policy buyers have become familiar with finding and purchasing policies online. A major investment in the digital transformation of insurance business models and improving the customer experience through digital and remote channels can be expected in the coming year 2022.
Expectations of insurers as they prepare for post-pandemic growth
Even with current concerns related to the COVID-19 pandemic, insurance companies expect faster growth in 2022. Strategic priorities for the insurance industry include flexible working models and maintaining l ‘balance between automation and the need to maintain human contact with customers. Insurance companies are quick to embrace technological innovation because they are ready to step out of their comfort zone. The coming year will certainly push insurance companies through this period of profound change in the insurance industry and deal with 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 the top priority for insurers in 2022, especially when technological advancements are on the rise. Even when technologies and digitization have been around for many years, new advancements like machine learning, artificial intelligence, blockchain technology, etc. are expected to disrupt the insurance industry in terms of integration and customer service. Automatically updating customer information, needs and options, collecting customer data based on their behavior, handling complaints are just a few examples of how upcoming technologies will dominate the market. insurance field. Imagining the world of insurance without AI, the Internet of Things and many technological advancements like these would be impossible in the future that lies ahead.
Disruption caused by upcoming 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 these companies to push innovation in the insurance industry and not only to survive, but to thrive. In 2022, we can expect new players as well as leaders in the insurance market to make the most of new technologies and data sources such as chatbots, a stronger social media presence, telematics, etc., to amplify their ability to acquire new customers and administer insurance policies.
In the huge market of the insurance industry, startups emerge as game changers that continue to thrive. According to a recent survey by Goldman Sachs Asset Management, around 60% of global insurance companies invest or evaluate investments in insurtech startups. Emerging insurance companies or insurance startups use data in a different way than traditional insurance companies. Insurtech companies not only collect data, but also integrate and connect countless data points collected with acquisition, underwriting and administration of the insurance policies they write. The goal behind the strategy is to improve personalization, accuracy and speed. The year 2022 can be expected to be the year of technological advancements adopted as business models, new insurance platforms to go completely online, etc.
The way forward for InsuranceDekho
InsuranceDekho is one of the leading and fastest growing InsurTech startups, by Girnar Insurance Brokers Private Limited . The company raked in premium revenue of Rs. 1,200 crore in fiscal year 2021. Going forward, InsuranceDekho expects 3X growth in fiscal year 2022. In its efforts to To make the customer experience unprecedented, the company uses its NLP-based chatbot which plays a crucial role in helping customers find their ideal insurance policy after fully understanding their needs. The company makes the best use of data science and analytics to deliver a customer-centric experience. In 2022, InsuranceDekho is ready to welcome and embrace new technologies that help make insurance a rewarding experience for all.
The future of the insurance industry in India is bright for the times to come. The role of InsurTechs in making India’s insurance industry the fastest growing industry in the country is colossal going forward. InsuranceDekho is consistent in its efforts to present an unparalleled combination of insurance and technology in India. The company is committed to making insurance experiences better than ever before.
(By Ankit Agrawal, CEO and co-founder of InsuranceDekho)
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