siliconindia | | June 20219InsurTech startups can assess the damage and estimate repair costs to analyze and define settlement claims in an automated, efficient and faster manner. For instance, AI algorithms which can automate the entire claim validation process and assess the exterior of a vehicle and share recommendations on the next course of action can help save hundreds of man-hours and millions of dollars which go as claim servicing costs. Such processes are expected to emerge as game-changers of the Indian InsurTech industry. Not just that but the AI-powered chatbots, virtual assistants and digital enablers such as WhatsApp would be future sales faces, focusing on immersive experiences. Many life insurers are experimenting with augmented and virtual reality (AR/VR) to take customers through their future, highlighting the powerful propositions offered by life insurance products.Insurance penetration in India today is below 4 percent, and this number is low as compared to other parts of the world. This is despite a large population, rising incomes and rapid urbanization of the country which makes it quite conducive for insurance. This makes it an attractive segment for upcoming startups to launch InsurTech services targeted towards setting up a wide distribution channel across the country through a phygital model. This digital set up can be operated with remote offices across the country, empowering agents to sell insurance through digital means but at the same time maintaining human interface.Internet of things (IoT) is expected to play a major role in disrupting the insurance space of India. The industry can leverage the wealth of information stored by wearable devices to provide customized insurance products. Usage of the IoT and advanced machine learning algorithms will open up new avenues to distribute products. In the future, several life insurers would partner with companies providing wearable devices.BRIGHT FUTUREThe amalgamation of technology with the insurance industry of India is poised to bring great transformation. It has the potential to play a catalytic role in bridging the insurance gap in India across consumers and businesses and make an impact on the entire ecosystem. The aforementioned advantages and expectations are just the beginning. There are much awaiting. It's just that we need to prepare our systems to benefit from them.
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