National Technology Day - Quotes from Insurance and InsureTech

Byju Joseph, Chief Technology Officer, Future Generali India Life Insurance Company Ltd.
“New-age technologies are used by insurers to identify and address various customer pain points. Connected devices, API ecosystems, and data analytics are transforming distribution operations, risk understanding, prevention of fraud and more across the insurance value chain. Integrating with ecosystems such as Aadhar, CKYC, IIB, credit bureaus, and Account aggregator platforms for assessing the financial profile of the customer etc. helped to speed up the decision making in the customer onboarding and servicing process. Transformation in the insurance industry through the National Digital Health Mission and Digital Information Security in Healthcare Act and the National Health Stack will create an integrated digital health infrastructure. The regulator is playing a very important role in supporting innovation by introducing sandbox as a crucial milestone.
The reality is that with increased cloud services adoption, we are moving away from the technologies of old and further into the technologies of the future. Distributed ledger technology has immense potential in the future for insurance and can bring about greater scalability, security, fraud mitigation, and efficiency across industries once implemented. We should leverage the tech ecosystem to find creative ways to maximize reach to underserved & unserved segments to connect. Of course, we need innovative products with special universal coverage for low-income groups, an understanding of the rural market, and the zeal to transform the space apart from new-age technology capability.”
 
Anuj Parekh, Co-founder, and CEO, HealthySure
"Technology has now been at the forefront of disruptions in the insurance sector for the last few years. Digitalization, automation, AI/ML and other technologies have given rise to insurance products that can be purchased and serviced through a click of a button. Indian start-ups are pioneering innovations across the insurance value chains with the likes of API based solutions, claim automation, smarter underwriting, digital distribution and many more. And yet we are just at the cusp of a larger tech transformation. In the next couple of years, many Insurtech start-ups will leverage seamless data exchange to promote better underwritten and easy to consume insurance products. This data exchange will be possible and enabled through Account Aggregator (framework to share financial and personal data) and Digital Health ID (framework to share healthcare data). Combined with other cutting-edge technologies, the insurance ecosystem will only evolve from thereon. The insurance sector will see a similar transformation that the Indian banking sector witnessed with the maturing of Indian fintech.”
 
 
Himanshu Rastogi, Chief Technology Officer, Medi Assist 
“InsurTech industry is being transformed by the use of new technology trends such as AI/ML and blockchain to bring transparency and predict the outcome and identify the outliers in it. Technology combined with adequate human intervention can enhance the overall customer experience by lowering the number of claims processing errors. HealthTech and InsureTech are constantly evolving areas in which each breakthrough takes us closer to a better healthcare experience. The key evolution would happen:
1.    Business Rule Engine (specific to the Healthcare domain) to capture all policy nuances
2.    AI/ML to forecast & control the outcomes of health claims and make Customer Experience better
Furthermore, contemporary communication technologies enable clients to receive immediate assistance. At Medi Assist, we utilized technology excessively during the setup of work-from-home models of the working environment. We strengthened our endpoints by bolstering endpoint security and controlling internet access.
The connection between the two functions is changing as insurers invest more in technology while underinvesting in operational administration. This shift is projected to increase profitability and enable incumbents to compete more effectively in the digital environment, particularly against technology based InsurTechs. In reality, intelligent insurers of all types are taking advantage of emerging technologies to better serve their consumers. These tools will have a big impact on how insurers work, including automating some human procedures”