Nourishing the Product Development Ecosystem is Key to Insurtech's Future Growth in India

As the current Director & Chief Operating Officer of Applied System India, Pramod has played a significant role in the company’s success story in recent times in the region. He leverages his vast industry experience to chalk-out efficient business strategies and ensure hassle-free operations across various departments of the company. In a recent interaction with Siliconindia, Pramod Guttal, Director & COO, Applied Systems India shared his insights on the current product development scenario in India and various other aspects related to it. Below are a few sect extracts from the exclusive interview 

How do you see the product development landscape in India today?

Having a conducive environment for developing impactful insurance software solutions and due to rapid increase in technology adoption and skilled talent pool, there is immense growth potential for the product development industry in India today. We are focused on leveraging this landscape to drive continuous improvement, deliver customer-centric products, and stay at the forefront of the industry. Our emphasis on R&D and agile methodologies allows us to efficiently meet evolving customer needs and seize market opportunities.

How are modern day technologies disrupting the product development space in India? Explain with use cases.

Artificial Intelligence for enhanced customer experience & personalized offerings, Internet of Things (IoT) for data-driven insights & risk assessment, and Blockchain for secure & transparent transactions are some of the latest technologies that have transformed the way product development was being carried-out. Insurtech is poised to become a significant aspect of the fintech sector in India due to its potential to disrupt and innovate traditional insurance processes. With the growing adoption of digital technologies and increasing internet penetration, Insurtech startups are offering more accessible and personalized insurance solutions to a broader segment of the population. As the demand for seamless and tech-driven insurance experiences rises, Insurtech’s integration within the fintech ecosystem is set to reshape the insurance landscape in India. Additionally, cloud computing and data analytics significantly optimize operations and drive innovation in the insurance industry. By embracing these technologies, we can stay ahead in the competitive landscape and meet the evolving needs of our clients.

In today’s context, how important is it for India to transform into a product ecosystem from its current status as a service ecosystem?

Despite being technologically advanced, the technology workforce currently available in India suffer due to the lack of a proper product ecosystem and thus decide to pursue a career in the same field abroad. With India’s transformation from a service ecosystem to a product ecosystem, the workforce will get their creative freedom and enable them to develop products that can compete in the global market. For the Insurtech industry, by focusing on product development, we can create innovative solutions customized to the evolving needs of our clients. This shift will enhance our competitive edge and allow us to tap into global markets, drive revenue growth, and establish long-term customer partnerships. Adopting a product-centric approach will position us as a leading player in the industry and promote greater scalability and profitability for our organization.

Briefly explain the role of our government and policymakers in improving the product development ecosystem in India.

The government will play a crucial role in improving the country’s product development space by creating a contributory regulatory environment, promoting innovation through incentives and grants, fostering public-private partnerships, and investing in R&D initiatives. Moreover, the government can address various challenges and identify growth opportunities by supporting skill development programs to enhance the talent pool and collaborating with industry stakeholders. These initiatives will not only improve innovation and boost competitiveness, but also contribute to the country’s overall economic development.

Throw some light on the future of product development space in India.

Going forward, we expect the product development space in the insurance software industry to undergo significant changes driven by technological advancements and customer demands. Hopefully, we will see a growing emphasis on data-driven solutions, artificial intelligence, and machine learning to provide more personalized and efficient insurance offerings. Agile methodologies will become even more crucial to adapt quickly to evolving market needs. Additionally, focusing on cybersecurity and data privacy will remain paramount to protecting sensitive customer information. Innovation and customer-centricity will be vital drivers in shaping the future of insurance software product development.

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