Technology and Innovation in the Insurance Sector The technology will enable insurers across the country to efficiently enable predictive analysis
By Rahul Agarwal •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
As the insurance industry is evolving, so are the customers. Insurers are constantly receiving ideas from all the corners, and thanks to technology. And this is impacting our consumer behaviour. The state of the insurance sector in our country is entirely different from that in other countries. Despite constant liberalization of the current insurance industry, a major part of the population still does not believe in any insurance. This is majorly because the many challenges associated with the sector including a split ecosystem, regulatory uncertainty, and disjointed data continue to remain specific.
Innovations Help
With the constant advancements and better use of digital tools in the last few years; most of these challenges seem to be addressed efficiently. While technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), Blockchain, and Advanced Analytics are working as promoters to enhance the importance of insurance, the insurers are working hard to create a more streamlined and integrated insurance system.
Analytics is expected to play a great part in driving the insurance industry in the coming few months. The technology will enable insurers across the country to efficiently enable predictive analysis. Insurers can leverage analytics to make predictions about a person's probability of getting an ailment and therefore, timely suggest him to take necessary precautions. This can be done by implementing intelligent health analytics to a patient's medical history in order to predict the future health approach. The technology can even prove positive results for deciding the best course of action, in terms of identification of most effective treatments and drugs resulting in cost-efficient treatments.
Customers Have Changed
Today's tech-savvy customers look for digital tools and experience from their insurer at par with what they receive from any e-commerce or any other retail industry. While talking about the insurance industry, the consumers these days' demand digitally-oriented applications or websites that provide complete customer support. Many insurers have already started adapting digital tools to make it easier for their customers and their family members to navigate the healthcare ecosystem. Some of the powerful features of the tools include digital on-boarding, ease of selecting plans based on cost and preferences, and personalized content for better understanding of the claims.
Yet another impressive trend that the insurance industry is witnessing is the introduction of ChatBots and Voice Assistant for enhanced and meaningful customer engagement. Both these technologies are gaining quick popularity amongst the insurers as well as the consumers. The technology specifically leverages Artificial Intelligence (AI) to simulate productive conversation with its users while delivering powerful customer engagement. One of the important reasons for the introduction of ChatBots and Voice Assistant in the insurance sector is the increasing aged population that demands continued care.
Fortunately, insurance service providers in India have now started moving towards a system of the preventive model of care. The model specifically aims at providing proactive wellness initiatives to the consumers while using IOT powered devices. Moreover, there is a high demand for personalized offerings in the market as customers are quite willing to adopt proactive, customized devices from their insurance providers. The initiative would involve real-time monitoring of a customer's parameters for timely care interventions while promoting healthier lifestyles through wellness initiatives.
