Indian insurance companies are lagging their global counterparts in increasing investment in digital technologies and will need to adopt technology required to launch products that meet customer needs, a study by industry chamber CII said on Sunday.
"Global average investment in digital technologies is increasing over the years, while the insurance industry in India is lagging, both in its level of digitalisation and its ability to realise financial returns on its digital investments," said a joint CII-PricewaterhouseCoopers (PwC) report.
The report on "Evolving Considerations for the Indian Insurance Industry" also said that with increasing smartphone penetration and internet access, insurance companies will need to adapt to the modern customer needs by adopting the new technological infrastructure.
