A Study on Digital Transformation in Indian Insurance Industry

The Insurance industry is facing the most significant economic, technological and competitive challenges in its history. The ever-growing demand for better insurance products and the growing consumer movement has put forth a lot of challenges for this sector. To succeed in this rapidly evolving business climate, insurance companies are compelled to investigate ways by which they can improve bottom-line operational efficiency and still meet and exceed the expectations of their customers. Because of the Information revolution, the Insurance companies are utilizing the Information technology applications for better customer service, cost reduction, new product design and development and many more. In the initial years IT was used more to execute back office functions like maintenance of accounts, reconciling broker accounts, client processing etc. At present, Insurance companies are giving customers a distinct claim id to track claims on-line, entertaining on-line enrollment, eligibility review, financial reporting, and billing and electronic fund transfer. The paper covers the technological trends being adopted by the insurance industry in India and the benefits being gained by inclusion of technologies.