The COVID-19 pandemic played a momentous role in pushing digitisation across the insurance sector. The world witnessed an augmented need for easy access to insurance information, products, and services. With the digital acceleration and adoption, a vast number of insurance policy buyers have become comfortable in searching and buying policies online. A major investment in digital transformation across insurance operating models and customer experience enhancement through digital and remote channels can be expected in the coming year 2022.
Expectations From Insurers as They Prepare for Post-pandemic Growth
Even with the ongoing COVID-19 pandemic concerns, insurance companies are expecting more rapid growth in 2022. The insurance industry’s strategic priorities include flexible work models and maintaining the balance between automation and the need to maintain a human touch with customers. Insurance companies are not shying away from embracing technological innovation as they are ready to step out of their comfort zone. The forthcoming year will definitely push insurance companies to sail through this time of profound change in the insurance sector and deal with the disruption caused due to technology and some new entrants in the market.
The Role of Technology in Disrupting the Insurance Industry
Meeting customer demands is going to be the utmost priority of insurance providers in the year 2022, especially when technological advancements are on a rapid rise. Even when technologies and digitization have existed for the past many years, new advances such as 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 & options, gathering customer data on the basis of their behavior, handling of claims are just a few examples of how the upcoming technologies are going to rule the insurance field. Imagining the insurance world without AI, the Internet of Things and many technological advancements like such would be impossible in the future ahead of us.
Disruption Caused by Upcoming Online Insurance Platforms & What to Expect in 2022?
Emerging online insurance platforms have embraced technological advancements with open arms. The post-pandemic India has become a new opportunity for such companies to push innovation in the insurance industry and not just survive, but thrive. In 2022, we can expect the new players as well as the ruling ones in the insurance market to make the most of new technologies & data sources like chatbots, enhanced social media presence, telematics, and more to amplify their capabilities to acquire new customers and administer insurance policies.
In the enormous market of the insurance industry, startups are coming across as game-changers that are continuing to scale. According to a recent survey data from Goldman Sachs Asset Management, about 60% of the worldwide insurance companies reportedly invest in or evaluate investment in insurtech startups. The emerging insurance companies or insurance startups utilize data in a way that is different from the traditional insurance companies. Insurtech companies not only gather data but also integrate and connect numberless data points collected with an acquisition, underwriting, and administration of insurance policies that they write. The aim behind the strategy is to boost personalization, accuracy, and speed. The year 2022 can be expected to be the year of technological advancements being embraced as the business models, new insurance platforms to completely go online, etc.
The Road Ahead for InsuranceDekho
InsuranceDekho is one of the leading and fastest-growing InsurTech startup, by Girnar Insurance Brokers Private Limited . The company garnered a business of Rs. 1,200 Crore in premium in the financial year 2021. Going forward, InsuranceDekho expects 3X growth in the financial year 2022. In its effort to make the customer experience unparalleled, the company uses its NLP-based chatbot that plays a crucial role in helping the customers find their ideal insurance policy after understanding their requirements well. The company makes the best use of data science and analytics to put forward a customer-centric experience. In 2022, InsuranceDekho is all set to welcome and adopt new technologies that support making insurance a gratifying experience for one and all.
The future of the insurance industry in India is bright in the times ahead. The role of InsurTechs in making the Indian insurance sector the fastest growing industry in the country is colossal in the future. InsuranceDekho is consistent in its efforts towards presenting an unmatched combination of insurance and technology in India. The company is determined to make insurance experiences better than before.
(By Ankit Agrawal, CEO & Co- Founder of InsuranceDekho)