Insurers are given the opportunity to redefine themselves through technology. The advent of tablets and smartphones, the rapid reduction in the costs of computing and the introduction of artificial intelligence, machine learning and bots have literally transformed how insurance business must be done. With the emergence of Internet of Things (IoT) and a wide range of connected devices, consumer data can be captured easily in real time.

With all the recent developments in technology a world class experience can be delivered by insurers across various digital channels. Insurance companies will no longer see themselves as simply payers to cover unforeseen circumstances but as partners who can provide support and help prevent such events from occurring. The business of insurance is moving away from simply being a protection to prevention.

Every customer’s journey will be fully re-imagined. For example, when a customer changes the home address, insurers can proactively reach out to create a basic partnership with GPS tracking that will provide alerts on potential location to prompt the customer to give the latest information.

A significant difference in customer engagement will be experienced. For example, a customer who is in the hospital because the wife has just delivered a baby can receive a message from the life insurance company congratulating him on the happy event. The message could also explain the advantages of a child education plan to cover college education in the future. The plan can be availed off by simply clicking on a button without any required documentation.

Serving retirees is one of the largest responsibilities in India today. According to data from the World Bank, more than 350 million people will be over the age of 50 by 2030. Single holistic platform can be createdwhere financial contributions, vested benefits and periodic payouts can be accessed conveniently through a swipe at a screen.

Every insurer must know how to sell insurance effectively. Consumers are now more tech savvy and they prefer to interact online instead of face-to-face discussions. Web pages must offer informative and updated content with a useful guide that can be downloaded by consumers to assist in their buying journey.