{"id":51768,"date":"2018-09-13T10:37:34","date_gmt":"2018-09-13T10:37:34","guid":{"rendered":"https:\/\/staging.majesco.com\/?p=51768"},"modified":"2023-03-09T10:14:51","modified_gmt":"2023-03-09T15:14:51","slug":"digital-insurance-2-0-india","status":"publish","type":"post","link":"https:\/\/staging.majesco.com\/?p=51768","title":{"rendered":"Digital Insurance 2.0 in India: Riding a Tech-Powered Revolution"},"content":{"rendered":"

India! We are on the strategic radar of many multi-national, national and Greenfield insurers not only for the sheer strength of a 1.2 billion population but also because of the enormous market potential due to the growth of the economy.  What makes India really unique is that over 65% of the population is under 35 years old, making it one of the most dynamic markets in which to achieve decades-long growth by following the life journeys of this large consumer group.<\/strong><\/p>\n

At the same time, India\u2019s foundation in technology is powering a revolution in the insurance industry.  This is represented by the competitive pressure on insurance carriers to provide digital customer experiences across the value chain. Fueling this further, the government is pushing its Digital India agenda through steps such as Direct Benefit Transfer[1]<\/a>, Demonetisation[2]<\/a>, UPI[3]<\/a>, and Bhim App[4]<\/a>.<\/p>\n

The result \u2026 insurers are investing heavily in new products, new business models and new technologies to enable their digital transformation.<\/p>\n

The Revolution<\/strong><\/p>\n

The years between 1956 and 2014 can be best defined as the Insurance 1.0 era, spanning the years of public sector monopolies, followed by the post year 2000 era of high growth and competition, driven by the actions by the Insurance Regulatory and Development Authority of India (IRDA) to open the sector to private players. While the year 2000 was a new beginning, insurers continued to follow the business practices, assumptions and models that existed during the monopoly years.<\/p>\n

Enter the digital age and the introduction of a wide array of new technologies that are or have disrupted every industry, including insurance. New customer expectations, demand for digital experiences, new products and services and new technologies are shifting India’s insurance sector into a new era of Digital Insurance 2.0, creating opportunities for growth and innovation for insurers and enabling them to embrace the Digital India agenda more aggressively.<\/p>\n

The Change Agents<\/strong><\/p>\n

Analysing the sector’s evolution from Insurance 1.0 to Digital Insurance 2.0, reveals three macro market forces\u2014People, Market Boundaries, and Technology\u2014that are creating new customer expectations, new innovations and new competition, as highlighted in Majesco\u2019s thought leadership, Digital Insurance 2.0:  Reshaping India\u2019s Insurance Sector<\/a><\/em>.<\/p>\n