News eDaily27 Sep 2017

India:Insurance market undergoes disruptions

27 Sep 2017

The insurance industry in the country is undergoing multiple disruptions and the trend will accelerate in the future, according to a report prepared by the industry body Assocham in collaboration with Ashvin Parekh Advisory Services.

The operating and business models of insurers have been evolving due to the disaggregation of the insurance value chain, the report says.

Technology trends such as artificial intelligence (AI), machine learning, blockchain and robotic process automation (RPA) have significant potential to streamline insurance operations and enhance customer experience, it adds.

"Three disruptions including technology, financing of insurance companies, and policy and regulations will perhaps pose new challenges for the industry," Mr Ashvin Parekh, Managing Partner, Ashvin Parekh Advisory Services told Press Trust of India.



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