Digitisation globally has become an integral part of the corporate culture and insurance companies are no different, but the Indian insurance firms are lagging behind as per a report. .
“Global average investment in digital technologies is increasing over the years, while the insurance industry in India is lagging, both in its level of digitalisation and its ability to realise financial returns on its digital investments,” a CII-PwC report on ‘Evolving considerations for the Indian insurance industry’ said.
With increasing internet access and use of smart phone, the insurance companies need to pull up their socks and adopt the technological infrastructure so as to meet customer needs. The digitisation process needs to be simplified for customers to be enabled to interact with multiple insurers.
The report also said that with digitalisation, insurance companies attentive for new modes of fraud.
