Insurance in India, as it is the world over, has remained a traditional industry with little innovation. While product innovation is largely governed by regulation, there are other aspects of the business that will dramatically change, or even be disrupted, by technology and ‘new marketing’. The two major areas of customer experience (and profitability for the companies) in insurance are underwriting of risks and the sales process. Both areas are inefficient and will improve with progress the fronts of technology and new marketing. Let us examine these.
