The future of insurance in a digital world

New technologies will allow carriers to more effectively manage risk and make use of complex customer data —a critical step in evolving to a “predict and prevent” model of insurance where data is shared more frequently between parties with insurers playing a more active role in claims prevention.

AI, Automation & Faster Claims Processing AI, ML, and Robotic Process Automation (RPA) will soon take the center stage. These technologies offer better, faster and efficient data capture and processing capabilities.

Future Insurance is available from your financial adviser. Unlike off-the-shelf products, this one is designed around what you need and want . Your adviser is best placed to help you build your customised cover.

The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023 . India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%. In terms of insurance density, India’s overall density stood at US$ 78 in FY21.