Interaction with Tapan Singhel
1. What new challenges do you see for insurance companies in India in the next decade?
The lack of adequate awareness with respect to insurance products is a big issue plaguing the Indian insurance sector. This has a ripple effect that has resulted in an underpenetrated insurance market.
Two major challenges faced by the insurance industry includes:
- Digital Adaptation &
- Customized Products
2. Will the internet reshape the industry?
Yes, it will bring complete transparency in the system. Today most people find insurance companies on the internet, compare prices and purchase the policy that suits them. Even the young buyers are more comfortable in buying policies online.
Artificial intelligence and big data have been revolutionary in transforming the way the industry deals with processes and payouts.
Touch-less claims and chat bots have given insurance companies more opportunity to gather important metrics while providing a fast service, increasing customer satisfaction.
Social media has also helped insurance companies in lowering their marketing costs and providing them new ways to increase their visibility among buyers.
3. How different is your company from other insurance companies? Mention one USP
Our emphasis was always on technology, which is our biggest USP.
- First one to roll out – one click motor quote
- First one to come out with online motor endorsements
- Video based claims survey
- WhatsApp based customer interaction at Enterprise level
- First chat bot on Facebook messenger
4. Your thoughts on the platforms like ET Insurance Summit?
I believe, The Economic Times Insurance Summit is a great networking platform which provides an opportunity for all the market leaders to share their opinions and suggestions. It acts as an informative piece. Such platforms help us to understand the recent industry trends followed in the market. It’s a great initiative.