Insurance companies should have a long-term digitisation roadmap, said ‘the Changing Face of Indian Insurance: In Pursuit of Profitable’ report jointly published by Boston Consulting Group (BCG) and Federation of Indian Chambers of Commerce and Industry (FICCI).
The report said that insurers around the world are increasingly digitising front end sales processes as well as back end processes in an effort to achieve higher productivity, operational efficiency and cost benefits.
“As most Indian insurers are just embarking on the digitisation journey, it is important to prioritise processes, build supporting capabilities and define strategies for implementing and driving adoption,” it added.
The report showed that digitisation benefits all key stakeholders: on the ground sales force, managers, back end teams as well as customers. According to it, with the progress of technology, almost every insurance process can be digitised, but Indian insurers need to individually evaluate their starting position and prioritise processes and initiatives that can deliver maximum value.
