Study of Impact of Digitalization on Insurance Industry in India

Abstract

The insurance industry is one of the most competitive, and it faces a variety of obstacles. Global firms are increasingly leveraging the power of digital solutions to better understand their customers and increase their effectiveness and minimize their losses as a consequence. Our study also examines how technologies might impact insurers’ IT systems. The purpose of this paper is to examine how and to what extent digitalization impact insurance industry. We analyse major digital technologies that are of high strategic importance to insurance companies’ digital transformation in this article. Today, customers expect faster and more effective service thanks to digital platforms, mobile apps, and big data. They expect that enhanced level of service right from the moment they buy the insurance policy up until the day they make a claim. Due to the social distancing measures introduced during the ongoing COVID-19 pandemic, many laggards are also becoming early adopters of digital and seeking online solutions. This study will help insurers to take a calculative transformation and adoption of new technology based on the return they can get compare to the time and capital needed.

Keywords: Insurtech, Customization, Data Security

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