The insurance industry, traditionally reliant on human interactions, is undergoing a transformation into a hybrid “phygital” model through digitization, closely collaborating with IRDAI initiatives to enhance awareness, accessibility, and affordability. Insurance processes such as policy issuance, claims processing, and pre-medical check-ups are being integrated digitally, transforming customer experiences and streamlining operations. This not only increases user satisfaction but also promotes financial inclusion by leveraging technology to reach remote regions, contributing to building an Insurance India and achieving the IRDAI vision of “Insurance for All by 2047.”
Technologies such as machine learning, artificial intelligence, automation, and data analytics are digitizing insurance processes. At HDFC ERGO, we have introduced multilingual support on digital platforms, including the self-describing chatbot “DIA,” available in both English and Hindi, and the AI-assisted WhatsApp bot “MyRA,” offering assistance to customers in 12 languages. Similarly, we have also created an AI-based app called “here” that helps users find solutions to their health and automotive queries.
Government and regulatory organizations are actively collaborating with the digital revolution to make insurance products available nationwide. Initiatives like ABHA and Bima Sugam utilize technology to expand insurance and automate processes among stakeholders, including insurers, policyholders, and intermediaries.
Further collaboration with IIB (Insurance Information Bureau), a data repository and analytics body, can help address issues such as low penetration, leaks in NCB (No Claim Bonus), and fraudulent claims.
Additionally, insurtech development plays a transformative role, enabling seamless integration between insurers and digitally savvy customers. By introducing solutions such as artificial intelligence, data analytics, blockchain, and more, technology firms are shaping the insurance landscape, improving customer engagement, and creating more personalized and efficient experiences.
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The source of the article is from the blog girabetim.com.br