Page 36 - IMDR JOURNAL 22-23

IMDR’s Journal of Management Development and Research 2022-23

In Oct 2022, Exide Life Insurance Co. merged with HDFC Life Insurance Co. HDFC Life Insurance
has concluded the merger of Exide Life, marking the completion of the first-ever merger and
acquisition (M&A) transaction in the Indian life insurance sector.

Key players in Online Insurance Market in India
United India Insurance Company Limited, Life Insurance Corporation of India, Max Life Insurance
Company, Bajaj Allianz General Insurance Co, The New India Assurance Co. Ltd are the major
companies operating in Online Insurance Market in India.

High Focus on Digitalization in India to Drive Online Insurance Sales

The Indian government has launched a number of measures in recent years to transform India into a
digital nation. Insurance is one of the industries in the nation that has been impacted by digitalization.
The digital platforms of insurance companies have been reinforced through the replacement of outdated
systems and the addition of virtual assistants. Virtual assistant LIC Mitra was unveiled by LIC. BIMA
Bot was launched by New India Assurance. UNI Assistance was introduced by United India Insurance.
NYRA was invited by National Insurance. To answer frequently asked questions, chatbots are created
digitally, facilitating faster information access for policyholders. With the aid of digital technology,
insurers are using chatbots to increase their resources. Chatbots are a good way to shorten the time
frame.

Additionally, it gives users the opportunity to explore other insurance services and products. Predictive
analytics and the blending of multiple technologies were among the insurance technology trends of
2021, all with the intention of increasing accuracy. Among the subfields of AI is machine learning. It
can streamline and automate the claims procedure. Cloud-based access to digital files allows for faster
and more accurate analysis utilising pre-set algorithms.
The likelihood that future insurance purchases will be made through digital channels like e-wallets,
bank or insurance websites, and e-commerce platforms is around 65% among Indian respondents,
suggesting there is room for primary insurers to move their product offerings online and attract new
digital customers. Sales of online insurance plans are anticipated to be significantly impacted by this
shift in consumer behaviour towards online transactions in India.

Digital Trends in Insurance Industry
Both in India and around the world, there has been a significant increase in the usage of mobile phones
and the internet. Yet when it comes to leveraging digital technologies to scale their business model and
work towards providing a hassle-free experience, the insurance sector is not far behind. One of the
pillars of insurance businesses in India is anticipated to be digitization, which is starting to pick up
speed in the insurance sector. Following are some of t
the digital trends in the insurance industry:

Buying Insurance Online Hassle-Free
Customers may now get insurance more easily overall thanks to online shopping. Almost all insurance
companies provide free online insurance quotes so that customers can select and purchase various
forms of digital insurance online. It does away with the requirement of meeting an insurance agent in
person. Even calling to discuss or inquire about an insurance policy is no longer necessary.

Artificial Intelligence (AI) and Automation for Faster Claims

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