New Delhi: Digital is changing the world, Indian population is going digital in a big way and as per a research India is seeing around 1 Billion digital transactions per month in 2018 said Trevor Bull, CEO & Managing Director, Aviva Life Insurance company, at 2nd Edition of CII Insurance Conference organized in New Delhi.
He underlined the great acceptance of digital technology by a young nation like India and the projections are that by 2023 the value of digital transactions will reach about 1 trillion US dollars. Bull emphasized that the objective of the digital transactions should be to increase the customer experience and value proposition and not only focus on the cost efficiency it brings to the companies. The E-Commerce in India is next only to the United States in the entire world.
Prakash Chand, Regional Manager North, LIC, insisted that an intangible business like Insurance can build strong customer relationship largely by creating a secure digital imprint on their services and also improving the customer experience.
He underlined how the changing technology has reduced the service time and gave the example of service levels of loan reducing from 15 days time limit to a press of a button online. Role of intermediary is going to stay and it is for the insurers to see that they come up to expectations by keeping them updated on latest developments.
Chand also gave the example of how technology has improved efficiency, Rs 70,000 crore premiums are being paid online and LIC has a team of 10 employees for the same.
Companies providing a meaningful and memorable experience are in a position to charge a minimum of 16% premium over its competitors across all sectors said Joydeep K Roy, Partner Insurance & Allied Sector, Price Waterhouse Coopers (PwC). He also dwelt that customer experience cannot improve until the companies empower & invest in the last mile employee. Latest developments in the field of medical research are set to increase the life expectancy by a huge margin that will bring its own unique challenges and insurance companies will have to gear up to meet that challenge.
The second edition of the CII Northern Region’s Insurance Conference saw participation from leading industry players, including GIC companies and the sessions covered topics such Professional Advice in the digital world; Building deeper bonds with the customer in the digital era; Data Science Versus Actuarial Science.