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Digitalization is the future of the insurance industry
Digitalization is the future of the insurance industry

Jun 29 2022

Digitalization is the future of the insurance industry

The financial service profession, which relied heavily on in-person meetings before the pandemic, was pushed to take the digital route to ensure continuity in the new normal. MDRT members from India share their thoughts and experiences on this.

By Alok Tarafdar

Topics covered

In recent years, going digital became a necessity for financial advisors in India to keep serving their existing clients and simultaneously looking for prospects. Nishith Shah, a five-year MDRT member from Mumbai, India, saw numerous benefits that came with adopting digital. 

“For instance, purchasing and converting a policy has become easier than ever. Now, customers can get multiple quotes on the site and seamlessly compare the rates of different providers,” he explained. It is also easier and faster to find a claim today, unlike before. 

By leveraging technologies such as artificial intelligence (AI), advisors can study client behaviour which helps them make informed decisions about which product best suits them. Shah added, “Digitization has also made this overall process transparent, where clients can see all the relevant information online. Nothing is being hidden from them; hence, they don’t feel cheated at any point. Such advancements have also ensured that services are available 24/7 through chatbots, allowing customers to clarify their queries in no time. And as more and more people realize these tech-driven transformations, the scope for innovation in this industry will increase.” 

Closing gaps 

Digitalization and innovation have broken the geographical barriers between financial advisors and their clients across India, making one of the greatest positive changes in the last two years of the pandemic, according to Yash Arondekar, a two-year MDRT member from Indore, India. He cited how the user experience is becoming more seamless than ever, and we only need a few clicks to submit documents to a person sitting on the other half of the globe.  

The claim settlement process has become easier for customers, who can do it from the comfort of their home. “The orthodox methods of saving and managing documents manually have become obsolete now. Everything can be done on a single pen drive or through the cloud. Therefore, it is more crucial than ever for financial advisors to upskill and update themselves with the industry trends to know better and thus provide better to clients and prospects,” Arondekar added. 

Universal acceptance  

Digitalization has also made prospecting and marketing more hassle-free for financial advisors as a substantial group of the population is on social media, which serves as an effective platform for advisors to promote their business and boost their reach.  

Indeed, the role of digital tools has amplified with more people joining the digital universe. Rahul Agarwal, an eight-year MDRT member from Chhattisgarh, India, observes, “Today, an average person spends six hours daily on the internet. In fact, the new-age clients often seek solutions that ensure instant gratification. This generation is less patient than their predecessors. They want everything right now. Chatbots provide them with exactly this. But sometimes, due to the lack of human touch, it becomes difficult for advisors to understand clients’ needs and hence give them the right solution. As a result, it is extremely essential for the insurance industry to leverage both man and machine to offer the best user experiences and solutions to clients and prospects. The best of both worlds is the key to success in this rapidly evolving space.” 

 

Contact: MDRTeditorial@teamlewis.com