Social distancing is now making customers adaptable to online shopping and services. It presents an opportunity to transition from traditional face-to-face to physical fashion to enterprise fashion, combining digital tools and strong buyer relationships.
In an interview with Mint, Prasoon Sikdar, MD & CEO, ManipalCigna Health Insurance Policy said that technology and online channels have helped the industry to reach out to some of the un-served markets in the country.
How will new applied sciences like AI and blockchain disrupt the insurance coverage business?
Amidst the pandemic, brokers and various distribution groups are increasing and adopting digital strategies of promotion, gross sales and repair. While within the insurance coverage business, technology and digitization have always been present, however, with advances related to synthetic intelligence (AI), machine learning (MI) and blockchain technology, there may be a possibility of disrupting buyer’s on-boarding. and servicing.
The pandemic has also reiterated that companies must be future-ready to allow for transformational buyer expertise. These positive steps towards modification will promote uniformity while maintaining special treatment with the customers. The brand new Applied Science will help increase insurance coverage penetration and improve buyer expertise.
Scope of online promotion of health insurance policies. To what extent do you believe that the web channel will achieve success in the medical health insurance business?
The need for direct access to goods, services and data has increased. At present most of the customers are comfortable buying the things they need using online channels. The digital maturity of buyers has seen a drastic change due to more time spent online. This opens up a whole new option for medical health insurance in India. Expecting more knowledgeable customers to shop online, re-imagining medical health insurance later is the need of the hour and optimizing consignment with a co-manufacturing facility with boarding expertise can help drive penetration.
We have helped a growing number of our policyholders by transacting on IVRS self-service instruments and using digital assets such as web sites, to assist with claims settlement, insurance renewal and other necessary policy-related information. Have also seen the app. Digital platforms are serving customers to renew insurance policies, raise claims and buy medical health insurance coverage online from the safety and luxury of their homes.
Can Digital Gross Sales Offer Customers More Expertise
First, its effect is making people realize that insurance is no longer a priority but a necessity. And, today’s customers are well-connected, act quickly, and aren’t afraid to embrace new applied sciences that can rapidly impact their lives for the higher.
Additionally, with physical presence in the workplace being non-essential, a hybrid distribution i.e. a mix of personal and distant. This modification in distribution, coupled with a knowledgeable buyer who wants to buy or increase insurance coverage digitally, will help in increasing and increasing online sales.
Thus, with the rise of better technology and options for digitization of insurance coverage processes, insurers have started specializing in direct online channels that not only help insurers to maximize their gross sales, but also various Types of individual providers also provide. of online platform.
Therefore, I see that within the next 10 years simplicity, relatability and seamless expertise will make medical health insurance a very personalized ‘bridge’ product that can be offered and serviced at the click of a button or ask Alexa and Siri.