Last week, I had an interesting discussion with an Insurance industry colleague who was a bit perturbed and agitated at the fact that a survey reported that about 80% of the Insurance buyers in India still preferred physical copy of the insurance policy document over digital policy document. Here is the news article, which triggered … More Do most insurance buyers in India really prefer physical policy document?
Recently, had an interesting discussion with an industry colleague who wondered why enterprises have not adopted Pay Per Use pricing model for SAAS. He further questioned as to why if enterprises could consume services from BPO vendors based on Pay Per Use (e.g. pay per new business applications processed or claim processed etc) then why … More “Pay Per Use” pricing model for SAAS: Challenges and Possible Way Forward
Insurtech Area: Non Life / Travel Insurance Key Offering & Proposition to the Customers: Flight Disruption Cover. In case of flight delays or cancellation, provide cash benefit / hotel accomodation / alternate flight travel. Benefit settlement in 3 minutes rather than days / weeks or months. Key Technology Enablers: Parameterised, Rules based platform Mobile App … More #Insurtech Trailbrazers Series: Blink Travel
Approach to adopt new technologies is always a challenge for many organisations. Sometimes organisations are not early adopters of the new tech or are constrained by budgets considering multiple priorities they have or they do not simply understand how and where to start & have no full scale implementation roadmap. This is particularly a big … More RPA Series – Part 3: Repeatability – Complexity Matrix for RPA Adoption
Robotics Process Automation (RPA) platforms typically have the following core components: 1. Development Environment / Studio2. Admin Server3. BOTs In addition to above three, RPA vendors are now enhancing their RPA platform with Business Process Management System & out of the box AI / ML enabled OCR, Audio to Text, Computer Vision capabilities. This post … More RPA Series – Part 2: RPA Platform Components
AS the Indian economy limps back on the path of recovery, businesses now will look for making up for lost time in the year 2020 and focus back on growth. Considering the challenges the world faced in 2020, Indian Insurance industry has done reasonably well, more or less maintaining its performance in the FY 19-20. … More Priority Areas for Tech Initiatives for the Insurers in 2021
India’s proposed Data Privacy Law is in the news for sometime now. Expected to be passed in the last parliament, bill has been introduced in the parliament recently and has been referred to Joint Parliamentary Committee. Here are key timelines associated Right To Privacy and Data Protection: 1954: M P Sharma Vs Satish Chandra Case: … More Chronology of key milestones associated with Right to Privacy & Data Protection in India
Robotics Process Automation is considered to be one of the top 10 technologies that is expected to see significant adoption in next 1-3 years. However, Robitics Process Automation like every other new technology is misunderstood in terms of both what it comprises of and what its applications could be. Robotics has been around in manufacturing … More RPA Series – Part 1: What is Robotics Process Automation (RPA) and how is it different from BPM / Workflow Systems?
Late last week, I attended a very informative day long seminar on Blockchain at #Rise, Mumbai. Besides presenting concepts and theories, organisers also had startups leveraging blockchain technologies as well as Blcokchain software vendors sharing their use cases and experiences. One such use case presented was about Life Insurance companies sharing with each other medical … More Blockchain Usecase: Medical records sharing; right problem, wrong tech or both wrong problem & wrong tech?
Changing Consumer Behaviour over the last decade Over the period of last 20 years, as Internet invaded businesses and became inherent part of business models, consumer preferences have altered significantly. Consumers of Insurance businesses are no exception to this phenomenon. Insurance Consumers now need: Simple and easy to understand Insurance plans and processes, Highly personalised … More 6 Tech priorities for Insurance Companies for next 18-24 months