Digital Transformation in Insurance Sector

Abstract

New technologies allow for a significant increase in efficiency, effectiveness and a reduction of costs. The life insurance industry in India has undergone massive changes since 2000 when the industry was liberalized. The future looks interesting for the industry with changes in the way business is conducted and the customer-friendly measures that have been put in place. Due to new entrants, changing consumer behaviors, and technological innovations need to innovate new business model in insurance. These papers discuss how insurers can use the digitization opportunity to deliver greater value to their customers and gain a competitive advantage. Insurers can engage more intensely with existing customers and attract newer customers with innovative products, improve both profitability and growth.