The whole cycle of getting quotes to policy acquisition to policy servicing to proactive claims identification, assistance and processing will have to take the digital route to improve customer experience
Digital technologies, niche and emerging, have changed the way consumers engage with their insurers. Undeniably, the biggest driver of embedding a digital strategy is to enrich customer experience and relationship.
Data analytics will help life insurance players deliver as per contractual obligations towards their customers. Besides, it is also vital for customers to perform due diligence with regard to their investments.
Rise in the insurance sector will be marked by a favorable demography, penetration opportunities, relevant technology, financial inclusion and rising financial literacy.
Riding on the digital wave, insurers will harness the power of technology, social media tools, new e-payment models and distribution channels
Three definitive steps for the development and growth of this industry: One, relaxation of investment restriction; two, a level playing field in tax treatment; and, no service tax upon maturity.