The General Insurance industry in India is booming and has witnessed a sustainable accelerated growth in the recent years. The Gross Written Premium (GWP) for the industry increased to INR 2,20,700 crore in FY21-22 (within India), which is 11% higher compared to FY20-21. The growth of the GI industry is driven by the keen initiatives and focus of the Central Government to boost the sector, by an increased awareness about suite of insurance products among the population. Thanks to the resilient waning economy, post pandemic, that the sector witnesses a steady growth, another significant parameter shaping up the Indian economy.
Though the GI industry is keeping up with the pace to supplement the economy, it is important to note that it is still under the clutches. Low rate of penetration of insurance products in the society, high cost associated with distribution of the same juxtaposed by the lower rate of retention amongst policyholders, year on year are a few challenges to mention.
Products, process, and technology enablers viz, Regulatory/Government Authorities, Policy Makers, InsurTech are primarily the elements of the fuel which ignite the flame of digital transformation. With majority of tech savvy young Indian population, digitisation could be rewarding in the upcoming years.
Companies are constantly striving to ramp up on improving the customer experiences to retain their existing base of the customers and to gain the new. The Insurance industry is capitalising on the application of Artificial Intelligence, Machine learning, Internet of Things, Block Chain Technology for enhancing competitive advantage.
Introduction of innovative insurance products tailor made to suit the customer needs, the high-end application of enabling technology and continual prudent improvisation on the distribution and underwriting process involved during the claim, paralleled with the efficient data analytics can create a difference and lead to long lasting progress and radical transformation.
Digitisation of the distribution process can be a game changer in delighting the customer. Convenient digital payment for the policy, sophisticated policy issuance, hassle-free claim intimation, transparent processing of claims, facilitating renewal reminders and manifold other such parameters have been instrumental in creating paradigm shift in the way insurance industry is operational today.
Royal Sundaram takes humble pride in being the torch bearer in adopting the digital journey. As the first Private general Insurance company, it has been on the fore front creating a digital bridge for its valuable customers, thus not only meeting their needs, but exceeding their demands.
COO, Royal Sundaram General Insurance
With the addition of its two niche products, Royal Sundaram Multiplier Health Insurance and Royal Sundaram Advanced Top Up insurance, coupled with the launch of three new “Add-on” for the very first time in our retail health segment, we aim to unearth the untapped potential in the market by our internal customers and for our external stakeholders.
Retention thus becomes a ritual given the personalised customer experience we are set to deliver with our unique proposition, digitised processes, and experienced learning along with brand “Sundaram” and the “Sundaram – Values”.