2O Most Promising Insurance Technology Service Providers 2017

After Insurance Industry opened itself to FDI and other regulatory changes, the country has wit­nessed increased participation of the private sec­tor insurance companies. For a long time, the traditional insurance business model has proved to be remarkably resilient. But time has changed. New com­panies are coming in with evolving regulation and dynamic market conditions which is increasingly playing a dominant role in reshaping the industry. They are feeling the effects of technology and might of Data Analytics. Insurance Technol­ogy Services are increasingly changing the product and service deliveries thereby changing the business model altogether. The time is currently ripe and for the near future the platform is all set to welcome the opportunities that are abound for in­cumbent insurance companies in this new world. But they will not be evenly shared. Those companies that move swiftly and decisively are likely to be those that flourish. Those that do not will find it increasingly challenging to generate RoI. One vital aspect of the technology enabled Insurance sector is that earlier Customer relationships used to be managed solely through an agent, but moving forward, relationship management is lean­ing towards digitalization. Companies need to strike a sym­biotic relation between digitization and customer relation by engaging social media, mobile apps and being mindful of geo-awareness from IoT sensors. Leveraging the cloud for data and IoT activities will give insurers the chance to know their customers better.

To sustain the digitization impact both agents and custom­ers need more intuitive user interfaces allowing real-time ac­cess to policy and claims. Real-time access to data, combined with a digital interface, presents the opportunity for reaching to new customers with new product types in a way that is sus­tainable for insurers. Opting for an apt Insurance Technology Service provider will allow insurers to manage risk, improve subscriber loyalty and optimize sales opportunities in better ways. The business circle, years of experience and expert’s views are some of the other pivotal aspects on which the deci­sions can be made. Considering these and observing the trends as well, CIOReview India has come up with a list of “20 Most Promising Insurance Technology solution providers 2017”. A distinguished panel of CEOs, CIOs, industry analysts and the CIOReview India editorial team has closely scrutinized these companies addressing the above features .We believe that the listing given by us will bring in a better clarity thereby ena­bling your businesses to take decisions that will sustain the test of time.

We present to you CIOTechOutlook 2O Most Promising Insurance Technology Service Providers 2017.