The insurance sector as we all are aware is crucial for the country’s economic development. India serves as a huge market due to its significant untapped potential.
With the Government’s recently announced 12-point action plan for Insurance, the benefits to the company and policyholders will make Insurance more fundamental and relevant.
The focus on the customer oriented business model will further drive Insurance companies in embracing the emerging technologies. Due to the data-intensive nature of the industry, primarily because it involves collection, processing and maintaining of information relating to insurance policies, IT will continue to act as a critical enabler. In the volatile insurance environment where insurers introduce recurrent changes in process model, product design, IT has helped to gain through web-based, online, front-ending improvements for efficient selling, analysis and decision making. Technology investments will be crucial in the dynamic insurance environment not only to serve the competitive edge but also to maintain the regulatory obligations and hygiene required.