As per a recent report it is been ascertained that many global, insurance companies are mounting investment in digital technologies, but Indian firms are lagging behind.
"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 the rising smartphone diffusion and internet access, insurance companies will require to tactically assuming the technological infrastructure which is necessary to begin products that meet customer needs, it said.
Additionally, the leveraging low-cost digital distribution channels for sales and service is expected to take an important role in serving insurance companies intensify market penetration, it added. However, the overview of procedure will also guide to some degree of regularity in the prospect of customers in their connections with numerous insurers, it said.
As an alternative of all risk products, people are demanding easy one-risk cover products, which are simple to appreciate and let customers to decide separate individualized need-based covers, it added.