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.
The traditional insurance model was largely product-centric and channel marketing-driven. The new age model will turn this on its head with the customer at the center and a suite of digital technologies, services and ecosystems to tap the customer....