In today’s digital era, consumers’ expectations are changing rapidly. In a bid to cater to the evolving demands of consumers, companies have started to adopt emerging technologies such as Artificial Intelligence (AI), chat-bots, automation, data analytics and more.
The life insurance sector is no exception.
Life insurance companies are looking at innovative steps to grab and retain the attention of a digitally savvy customer. Therefore, customer service and technology have become a key differentiator for these companies.
In a bid to discuss the same, experts Anupam Guha, Head-Private Wealth & Equity Advisory Group, ICICI Securities; Nitin Singh, Managing Director & Head- Wealth Management, Standard Chartered; and Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, participated in the fifth episode of ‘Mission Insure India- Life Insurance for All’, a joint initiative by ICICI Prudential Life and CNBC-TV18.
The panellists elaborated on how life insurance companies are continuously changing to cater to customer needs. The industry is now automating business processes by using new trends like blockchain technology, AI, etc. The underwriting processes, including medical tests, document verification, etc. are also being smoothened to provide ease and convenience to the customer.
The panellists also emphasised on the importance of human interaction with the consumer when a sale happens. They further explained how hybrid robo-advisors could be the future of the life insurance industry.