Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

Indian insurance firms lag globally in digitisation: CII-PwC

Author: IANS/Monday, August 14, 2017/Categories: Insurance

Indian insurance firms lag globally in digitisation: CII-PwC

New Delhi - Indian insurance companies are lagging behind their global counterparts in increasing investment in digital technologies and will need to adopt technology required to launch products that meet customer needs, a study by industry chamber CII said.

"Global average investment in digital technologies is increasing over the years, while the insurance industry in India is lagging, both in its level of digitalisation and its ability to realise financial returns on its digital investments," said a joint CII-PricewaterhouseCoopers (PwC) report. 

The report on "Evolving Considerations for the Indian Insurance Industry" also said that with increasing smartphone penetration and internet access, insurance companies will need to adapt to the modern customer needs by adopting the new technological infrastructure.

"Insurers must adapt to new-age customers' needs, leverage on the explosion of data and digital footprint and the changing investment environment," the Confederation of Indian Industry (CII) said in a release here. 

"Mobile adoption and internet trends under Digital India banner are bringing in a new generation of customers who are conversant and comfortable with using technology for their financial decisions. 

"It is important to adapt to strategies that align with these changing trends to stay ahead of competition," it added. 

Leveraging low-cost digital distribution channels for sales and service is likely to play a significant role in helping insurance companies deepen market penetration, the report said.

Moreover, simplification of processes will also lead to some degree of uniformity in the expectations of customers.

"There needs be a simplification of products in the areas of policy benefit, wording of policy, application process and the claim process," CII said. 

"The insurers could focus on 'One Need One Product' scenaroo, where customers are provided simplified products that cater to their specific needs," it added. 

The report also said that with digitalisation, insurance companies should be wary of new methods of fraud.

It stresses on three key areas relevant to the insurance sector - simple products and low-cost distribution, digitisation and fraud management, and broadening the investment horizon.

Print Rate this article:
No rating

Number of views (437)/Comments (0)

S Vijaykrishnan
S Vijaykrishnan

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free