THE FUTURE AS WE
The demand for “insurance” is directly proportional to a country’s working population. More people and assets (life, health, home, car, bike etc), more is the need for insurance, to insulate individuals, families from risks of adversities. Today the process of purchasing an insurance, renewing it every year and claiming it is quite laborious and requires extensive paperwork & vetting. Also handling fraudulent claims, has been a hassle, often due to lack of sufficient information around an incident.
In a digital – first world, where personal finance, banking and investments are heading towards online accounts and transactions, today’s insurance customers expect convenience and ease of dealing with an insurance – from purchase to renewals to claims. Hence insurance companies are moving fast on embracing digital, by adopting cloud based applications and automation of some of the processes. Globally, insurance companies are modernizing the insurance application process to improve customer satisfaction. We think there’s going to be lot more emphasis on how mobile internet can enable customers to easily manage their insurances, savings certificates and paper documents, switch between investments and easily claim from the convenience of their phone.