India’s Insurance Sector Is Undergoing Unprecedented Modernization: Report
Insurers must adapt to New-age customers' needs, leverage on the explosion of data and digital footprint and the changing investment environment.
The CII -
Eco system for insurance in
Some of the ways of achieving transformation in Indian Insurance Sector can be illustrated as follows. There needs be a simplification of products in the areas of policy benefit, wording of policy, application process and the claim process. The insurers could focus on 'One Need One Product' scenario, where customers are provided simplified products that cater to their specific needs. Big Data technologies needs to be leveraged to enable augmentation of the traditional data with images, text, voice and IOT (telematics, wearables and drones). The Intelligence techniques could be encouraged which include machine learning from past experience and improve their prediction of fraud over time. The modern investment choices like private equity, property, derivative and digital for higher returns in the current low interest rate environment could be explored. Asset liability management that use qualitative and quantitative portfolio optimisation techniques can be leveraged to drive effective investment strategies.
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AICPA Announces Successful Launch of Personal Financial Planning Program for College Accounting Students
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