Digital Netflix

Digital Strategy for Insurance Abstract: In the recent times, we are compelled to nod our head to the fact that the concept of insurance has remain unchanged over years from its origin, but the other aspects which are associated with insurance businesses are continuously changing day-by-day for the betterment of industry. Even there are certain testimonials to confirm the ongoing paradigm shift in industry includes gradual increase in number of insurance companies, growing customer demands, improvisation in regulations by the authority, government’s strategic move towards the tax exemption for investment in insurance, promotions in daily newspapers and branding advertisements in televisions to create awareness, launch of innovative products to target explicit customer segments and surge in the foreign direct investment (FDI) limit to 49%, etc. Whereas on the other hand in strategic viewpoint, the intricacy involved in running the successful operation is not by capitalizing...

Digital Transformation - Insurance (Legacy Modernization) Abstract : In recent days, it has been observed that numerous update on insurance company’s legacy modernization due to ample elucidations such as customer demand, towards competitive edge, technological improvisation towards current challenges and future demands. Modernization of the legacy systems is still considered as one of the thought-provoking topic for discussion and considerably fewer when it comes to execution phase. There are countless explanations like complexity involved in transformation, cost tag etc. to support the opinions of insurance company’s stakeholders on their stand point, however the reality & need for the hour is very distinct. It’s not obligatory that all the complex developments will be resolved only with intricate resolutions, even breaking the intricacy in to simple actionable points and cataloging against simple solution will also help them in successive transformation. Concluding...

Digital Transformation for Micro Insurance Abstract: Micro Insurance - as it name denotes, which fits precisely on the covered extent of insured over the country - that has positioned proudly to beat china by 2025 through its population. However, it doesn’t mean that the industry haven’t taken adequate efforts to infiltrate in to market, for almost a decade everyone associated with the industry are pumping out their whole vigor to drive this to growth phase. Being the regulator, IRDA has defined the regulation for micro-insurance at 2005. Followed by that, all public & private insurers are given with the target to promote and cover the economically vulnerable sections of the society. Having such huge market in terms of populations and economically susceptible groups spread over the states to get covered, still we can’t oppose or argue to the fact that we have been tapping predominantly on the word “Micro-insurance” alone and not the untapped market.   Neverthele...

How to avoid insurance fraud It’s well known fact that most of the insurance companies across the globe are undergoing multiple challenges to operate economically and efficiently. Here, some of the key areas are highlighted where still many insurance companies that do not likely to struggle, perhaps even to survive in the market those includes, comply with the new and existing regulations, to meet competitive pressures, customer demands, taxation, distribution channels, managing policy administration system that support the current practice and capable for futuristic demands, sketching the strategy from existing business model to world’s highly demanding digitization, solvency and so on. In midst of these critical and frightening environment, couple of risks associated with all insurance companies over the many years, even with the inception of concept called “Insurance”  where many insurers are still struggling to address those pain points – “Moral Hazard” and “Adver...