Embracing the era of intelligent insurance

The insurance industry is being turned on its head by digital disruption. Indian service providers must embrace analytics and AI, and reinvent how they engage with customers to evolve into new-age intelligent insurers. Here’s how Indian insurers can step up their game. Insurers worldwide are turning to advanced technologies to deliver superior customer experiences at highly competitive costs. Leading insurers in India aren’t too far behind in their adoption of digital. However, execution is being done in pockets and for simple processes like data entry, compliance checks and standard customer communications. In the context of rising competition, skyrocketing consumer expectations and the entry of hyper-digital insuretechs, this isn’t enough. To succeed in a highly dynamic age, providers will have to reinvent the insurance experience. How can they do this? By adopting AI and analytics. The article recommends four key steps to accelerate the India insurance sector’s pivot to the future.