THE EVOLVING INSURTECH LANDSCAPE

NEW ECOSYSTEM

Many start-ups such as Onsurity, Pazcare and Plum have started enabling insurers to leverage digital and analytics in new ways. From quote issuance to claim settlement, they act as a digital intermediary layer between a customer and an insurance company

BETTER CLAIM EXPERIENCE

This includes reimagining processes using AI and ML for better customer servicing, claims, renewals, etc. Insurers such as ICICI Lombard and Digit General Insurance use AI and ML for quicker claim settlements

PRODUCT INNOVATION

Technology helps in addressing niche segments’ needs through innovative products such as bite-sized policies. For instance, you no more need to buy insurance cover for your mobile phone; instead you can just opt for screen insurance

DATA-DRIVEN INNOVATION

This includes building a rich data repository to target new segments and build sharper underwriting and pricing capabilities. For example, ‘pay by use’ motor insurance charges users based on their driving pattern data