January 28, 2016
Insurers should have a long-term digitisation roadmap, the international consulting firm Boston Consulting Group (BCG) and the Federation of Indian Chambers of Commerce and Industry (FICCI) have recommended in a joint report entitled “The Changing Face of Indian Insurance: In Pursuit of Profitable”. .
“As most Indian insurers are just embarking on the digitisation journey, it is important to prioritise processes, build supporting capabilities and define strategies for implementing and driving adoption,” reported the Business Standard citing the document. While almost every insurance process can be digitised, Indian insurers need to individually evaluate their starting position and prioritise processes and initiatives that can deliver maximum value. .
“At BCG, we have identified major trends such as digitisation, changing consumer needs and ageing changes that are expected to impact the sector in its next phase. However, the challenge lies in sustaining profitable growth” said Mr Alpesh Shah, Senior Partner & Director at BCG, India and Head – Insurance Practice in Asia. Some key trends that are expected to impact the sector include the digital imperative, changing consumer needs and behaviour, apart from factors like regulatory activism, said the report. It also added that digital is likely the most important trend amongst all of the above.