How digitisation is changing
the way you buy insurance?

Whether it is an app that helps users address their policy-related queries, or getting a car insurance policy approved by uploading a video of the car, digitisation has made things more convenient, quick, and hassle-free.

Google & Bain Study :

A prototypical P&C insurer in Germany that implemented the latest technology had increased its revenue by more than 28% and cut its administration costs by 72%, within five years. It proves that going digital is a win-win for both, companies and users.

How is

Lets you compare different insurance policies offered by different insurers, enabling you to get the best quote and deal.

Smartphones can be used to capture 3D images of the damage and then upload these images to the insurance company’s portal.

In the near future, insurers will not need to send human assessors to examine and testify the accident damage.

Back Then

A few years ago, many consumers did not understand insurance products at all.

Policy decisions were driven by equally unaware friends and neighbours.

You can now access expansive information like-

Coverage and charges

Coverage and charges

Premium calculators

Coverage and charges

Coverage and charges

Key changes

E-documents have replaced physical documents.

Premium payments have become easy and renewals have become less cumbersome

Advance services like service request tracking are facilitating customers, while automatic reminders and updates aid managing policies

The customer can provide honest and direct feedback via an online platform

How does it impact consumers?

It means an enhanced customer experience.

They have better access to information and enjoy better transparency, higher flexibility, customisation of benefits, add-ons, product fitment and easy communication.

According to the BCG report, by the end of 2020, digital insurance is expected to grow by 2,000% as compared to the current year. The study also highlighted that in the next 2 to 3 years, 75% of the insurance purchase would happen via digital channels.

Disclaimer: This infographic is intended for general information purposes only and should not be constructed as investment or insurance or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.