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A Roadmap for an Insuretech Revolution in India.
Academic Journal
The insurance industry in India is not known for a great customer experience. Lack of a consumer-focused mindset and slowness to adopt technology creates pain points for customers. For a young demographic that is used to ease and simplicity, this has made insurance a difficult concept to embrace. India has this huge underserved market, thus creating the perfect opportunity for the rise of insurtech start-ups. Fintech, the word, is a combination of "financial technology". When fintech emerged in the 21st Century, the term was initially applied to technology employed at the back-end systems of established financial institutions. Since then, there has been a shift to more consumer- oriented services and therefore a more consumer-oriented definition. After fintech, 'insurtech' is the next logical step in a series of technological disruptions in the economy, joining the ranks of cleantech, healthtech, agritech, smart mobility and edutech, among others. Insurtech start-ups also have the responsibility to deliver a powerful and pleasurable experience for first-time insurance buyers. They have to look at digitising, simplifying and automating the entire buying and claims processes for a seamless, end-to-end user experience so that insurance can be bought as easily as any product in the digital marketplace. These powerful innovations, topped off with improved customer service with trust instead of suspicion, have the potential to revolutionise the insurance industry. Both InsurTech and FinTech are mentioned across the industry, online and in multiple articles & books. FinTech stands for Financial Technology and refers to the technology which has transformed the financial services sector over the past number of years. Recently, InsurTech made its way into the industry. It is the application of technology to traditional insurance practices. One of the possible keys to the future of India's insurance market is technology. Developments in the digital world are refocusing all forms of commerce to become more customer- driven, which is altering business and sales models in industries from insurance and retail to telecom and banking. Infrastructure development in India has focused more on higher- speed, lower-cost mobile platforms than on broadband, and an approach fitting the rapid development of India's mobile market. Some insurers have mobile applications, with similar functionality, making it even easier to do this on your mobile device from anywhere. Best of all, these positive customer experiences improve the relationship between the consumer and these institutions. Technology improves the entire claims process and reduces the claim duration. This Essay provides an insight into the application of InsureTech and its increasing use in the Insurance Industry. The case studies illustrated in the essay are real stories of Insurance companies which are equipped and extending the InsureTech benefits to the insuring public. The day is not far when entire insurance industry will have total dependency on this technology to provide speedier and "at your place" services. This roadmap for an InsureTech revolution is sure to transform the industry to compete with global counterparts. Facilitating policyholders with InsureTech will be the best marketing tool in the near future. [ABSTRACT FROM AUTHOR]