The Indian insurance sector has witnessed growth by leaps and bounds in recent years. At the same time, in a bid to drive future business growth in insurance, several brokers and insurtech platforms have been leveraging data analytics to great effect. It is worth mentioning that based on S&P Global Market Intelligence reports, India currently has the second-biggest insurtech market in all of the Asia-Pacific region. Mordor Intelligence has also forecasted the online insurance market in the country to touch INR 220 billion in value by 2024.
This will be a testament to the growing popularity and relevance of digital channels and engagement along with self-service platforms for quick and easy access. A lot of this growth will be fuelled by Indian insurance brokers and platforms harnessing analytics in insurance industry. Here is a closer look at some of the recent success stories of these brokers who have tapped analytics for future growth opportunities galore.
Here are some of the insurtech platforms cum Indian insurance brokers who have used analytics and other digital technologies to power growth.
By leveraging analytics and AI algorithms, insurance brokers can naturally stimulate faster and more organised growth. They can personalise products and services for higher customer satisfaction and conversions/sales alike in addition to forecasting customer needs and future market trends. Analysis of current market patterns also helps tailor products as per diverse customer segments. In turn, there is also the ability to come up with better growth strategies while enabling faster data-based underwriting and claims settlement.
This leads to higher customer retention and steady business growth. Insurance brokers are more driven by the need to provide real-time services across omnichannel and digital frameworks. There is a huge amount of data that is being generated at every customer touch point and transaction. This can be leveraged for various needs, right from understanding target customers better and segmenting them to offering tailored solutions, enabling faster processing and claims settlement, and also coming up with better marketing campaigns that resonate with audiences.
Hence, the role of digital analytics is pivotal for insurance brokers and insurtech platforms in the country. In an increasingly digital world, its relevance is only poised to grow exponentially.
Indian insurance brokers have successfully implemented data analytics for business growth in several ways. They have used analytics to understand customer wants and personalise products/services accordingly. Analytics has also helped enable faster claim settlement and processing along with better underwriting. Instant risk modeling and profile-building are also possible along with forecasting future market patterns.
Some of the key indicators or metrics highlighted by these success stories in leveraging data analytics for business success include personalised solutions/services, servicing, claim settlement, automated underwriting, customer recommendations, and more.