We recently caught up with few experts and discussed their thoughts around the Insurance Industry. In an exclusive Interview with ET-Insights, RM Vishaka (MD & CEO, India First Life Insurance), Rakesh Jain (MD & CEO, Reliance General Insurance) and Warendra Sinha (MD & CEO, IFFCO TOKIO) gave their inputs on what developments they forecast in the next 5 years for the Insurance Sector. Read on to know their viewpoints:
IRDAI’s constant regulatory efforts are also leading to improved coverage, more simplicity in the fine print, faster processing & lesser rejection of claims. Digital transformation in general insurance has ensured relevant and accurate information for both insurers and consumers. From bite-sized ‘sachet’ insurance policies, multi-year coverage schemes, to AI-powered bots for 24×7 support, we will increasingly see more personalisation for customers. The industry is galore with positive changes that make it more accessible, simple and engaging for customers.
In the next five years, the insurance industry will be very innovative in launching short term products popularly known as bite-size products. For example, there are a set of customers who prefer accident insurance due to a fracture or ligament tear, etc. while in a gymnasium or while travelling in a taxi or railway for the distance travelled etc. These developments will enlarge the scope of insurance and lead to a new form of easy-to-understand insurance covers. The increasing penetration of smartphone and robust internet infrastructure will play a role in taking insurance to a customer’s fingertips.
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