Digital is emerging as the next growth engine for the insurance industry, but it needs to adapt itself to the changing expectations of customers. Premanshu Singh, chief executive officer of Coverfox, an online insurance brokerage, talks about why digital is no longer a choice, but a necessity for the industry to upgrade
How has the insurance space evolved over the past five years? Do you think it has embraced digitisation successfully?
The insurance industry is seeing disruption across the value chain. With rapid growth in digital as a channel, insurance companies are creating “online-only” products, micro insurance etc. Post-sales support and claims management is seeing some cutting-edge product development. With sluggish growth in other distribution channels, digital is emerging to be the next growth engine. Companies have started spending heavily on making themselves ready for the future.
