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Indian Insurance Brokers Harnessing Data Analytics for Business Growth
Insurance InsurTech

Indian Insurance Brokers Harnessing Data Analytics for Business Growth

By Abhishek Nigam December 04, 2023 - 146 views

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.

Successful Insurtech Platforms and their Digital Transformation

Here are some of the insurtech platforms cum Indian insurance brokers who have used analytics and other digital technologies to power growth.

  • Coverfox provides online insurance broking solutions for the travel, health, investment, cars and motorcycles, and home insurance categories. The brand is already supporting its agents to take the digital pathway while deploying analytics to ensure instant and easy quotes from insurers and streamline operations while lowering paperwork. It has already distributed near one million policies and posted 300% growth in 2019 alone. 50,000+ agents are using the platform today.
  • Toffee Insurance offers relevant and contextual insurance solutions for younger demographics. It builds numerous single-event products in newer categories. The usage of analytics in insurance industry paradigms is evident here, with the insurtech platform taking even less than 90 seconds to sell insurance and less than two hours to process claims through the digital interface.
  • Turtlemint has an offline-online model which leverages analytics and other tools to offer recommendations to customers based on its proprietary algorithms. It also offers help with completion through its offline network of organisers and support systems for claims.
  • Riskcovry is an insurtech solution that enables companies from any sector to provide digital services and products to end-users through its insurance in a box concept. The startup offers all building blocks to partners for enabling user solutions, underwriting, customer touch point management, and digital policy issuance, claims, and management.
  • RenewBuy is another one of the Indian insurance brokers who are deploying analytics and other advanced technological tools to enable insurance instantly at lower costs. The technology solution is used by 50,000+ POSP advisors in 650+ cities. AI and analytics are used throughout the consumer insurance lifecycle, right from the purchase of the insurance solution to servicing and even claim settlements.

How Analytics is a Win-Win Proposition for Insurance Brokers

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.

FAQs

How have Indian insurance brokers successfully implemented data analytics for business growth?

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.

What key metrics or indicators have these success stories highlighted in leveraging data analytics for business success?

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.

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