siliconindia | | December 20199that need to be answered before making promises about new age experiences, otherwise, you might find yourself in a mess.Changing Roles in InsurTechMcKinsey states, and I agree, that going ahead, insurers will play more of a risk avoidance role, as compared to that of a risk mitigator. Cars come inbuilt with sensors to prevent accidents, artificial intelligence and machine learning driven algorithms play a massive role in predict-ing personalized premiums for consumers, and data ana-lytics enabled microservices is making the rounds with customers who can't afford to spend too much. Digital underwriting processes coupled with data have enabled organizations to automate value supply chains. Insurance has always played upon consumer risks, but the fact of the matter is, that in today's digital age, the risk itself has changed. A sharing economy adds to this, as with plat-forms like Uber and Airbnb, a car owner becomes a taxi driver and a homeowner becomes a hotelier. In such a scenario, we can't have setups with one-way communi-cation, where agent-consumer interactions are limited to only claims settling and premiums. The insurance agents of the future will need to stay on their toes, as they dab-ble with new age tech to create experiences that can wow the consumer.Collaboration as the Future of InsuranceWhat's the most crucial factor that makes for a lasting agent-consumer relationship? Trust. Can that trust not build strategic partnerships for InsurTechs as well? In a rapidly evolving industry, innovation cannot be a choice anymore, it has to become a core business capability, and often, these innovations need support. Partnerships can help insurance providers come up with new policies, gain expertise and build IT ecosystems at scale. For instance, wearable technologies in healthcare has already left a sig-nificant impact on the stakeholders utilizing it. Tying that in with an insurance framework will be mutually benefi-cial for both, the healthcare provider, as well as the in-surance company. Tech companies specializing in cyber-security can also collaborate with insurance providers to boost risk analytics. Essentially, customer journeys can be redesigned, more perspectives can be explored, and per-sonalized expectations can be catered to. Pretty exciting!All in all, I look at it this way: the key to staying ahead of competition is to not consider yourself a player in just your own sector. A consumer's expectations from InsurTech providers today is no different than one they have from an Amazon. Keeping the benchmark high is important, and the higher the benchmark, the more room for innovation there will be!. New age transformations necessarily do not mean letting go of legacysystems all at onceGautam Rege, Co-founder & Director
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