The insurance industry has responded resiliently to the pandemic. There is a visible change witnessed in the health insurance segment during the global pandemic. The segment had seen an upward trend and registered positive growth. Digital has suddenly become the base of all activities. And with cloud, data accessibility has become easy and smooth. Earlier, the fight was against data silos, and now there are data lakes available. All insurance players are actively turning data into an advantage. Claims or disbursals in motor insurance, healthcare, and life insurance segments have been fast-tracked. In the case of motor insurance, claims which used to take days for documentation and verification has reduced to 20 minutes. This was made possible with the help of AI integration. Organisations are currently looking for technology that enables them for an ecosystem change. Companies are seeking platforms that give them the agility to scale up or down and change the underlining system at a much faster pace. The webinar which had Google Cloud as the presenting partner saw luminaries like Amar Joshi from SBI General Insurance, KV Dipu of Bajaj Allianz, Kamolika Peres from Google Cloud, Anjana Rao of IndiaFirst Life Insurance, Balkrishna Singhania of HDFC Life Insurance. Banking Frontiers’ Babu Nair moderated the panel discussion.
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