What is future insurance?

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.

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.

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.