Digitization

As the world shifts online, digitalization is taking centre stage and the insurance sector is right there in the mix. Thanks to InsurTech, Indian insurers are teaming up with various industries to turbocharge their digital distribution. Read this blog to know how it's transforming the game.

The future of insurance lies in adapting to meet the demands of this tech-savvy generation. Explore how digital transformation is unlocking new revenue streams for insurers. Read on to learn about the benefits of leveraging a digital insurance platform.

Today, digital technologies continue to improve further the reach and convenience of various financial and insurance services.

One can’t ignore the low insurance penetration in India and the efforts made by the Insurance Regulatory and Development Authority of India (IRDAI) to promote innovation and digitisation in the insurance sector. The introduction of the BIMA SUGAM/BIMA VAHAK joint digital platform allows customers to directly transact with insurance companies, enhancing accessibility and convenience. Digitisation has become a necessity for traditional insurance distributors to remain competitive and relevant. Implementing relevant modules, such as digital portals for policy management and claims initiation, improves efficiency. Product innovation, including niche products targeted to specific customer bases and geography, and combo offerings, cater to evolving customer needs and strengthen relationships between financial institutions and customers.