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

Customers want a personalised experience while looking for insurance policies. Insurance companies
can use AI to provide personalised consumer experiences. Additionally, AI helps to meet the modern
clients' high-speed need. With this strategy, insurers can speed up the processing of claims and alter the
underwriting procedure. Also, AI enables insurers to access more precise reports faster.

New Customised Products for Personalisation
Through the digital insurance process, insurers provide personalised or customised insurance solutions
as opposed to a one-size-fits-all strategy. On-demand, usage-based, telematics, and all-in-one lifestyle
products will be increasingly commercially viable for customers as the insurance business is
digitalized. Long-term, insurance will become a more relevant possibility thanks to micro-insurance,
flexible coverage options, and peer-to-peer goods.

Social Media
Beyond conventional marketing techniques and clever commercials, social media's impact on the
insurance sector is breaking new ground. Social media is one of the reasons why the way businesses
communicate with their customers is changing. Customers can use this site to learn more about
insurance providers, read reviews, and even leave product ratings.

Chatbots
Chatbots are computer-generated responses to frequently asked queries that make it quicker and easier
for policyholders to obtain information. The turnaround time for many transactions has been greatly
shortened or eliminated thanks to the internet. Also, a fantastic example of reducing the time limit is the
use of AI chatbots. With the aid of digital technology, insurers are using chatbots to increase their
resources. Additionally, it gives users the opportunity to explore other insurance services and products.

Internet of Things (IoT)
IoT is the interconnected worldwide web of digitally enabled gadgets that is propelling insurance
businesses to take up crucial projects. IoT gives insurers access to a vast amount of data, including real-
time information about policyholders' lifestyles. They use this research to produce new breakthroughs
and opportunities in the insurance sector. Insurance consumers now have options to save money that
was not previously available in the conventional manner, however, it may take some getting
accustomed to.

How Digital Transformation is Changing the Insurance Industry

In the modern world, digital technologies are transforming how business is conducted. Particularly the
insurance sector has seen a significant transformation lately. Insurance companies are growing and
causing disruption in the market with fresh, customer-focused solutions. Here are some examples of
how digital technology is changing the insurance industry:

Operations Are Streamlined
With interactions between customers and the insurance business being more limited, the conventional
way of relying on insurance agents or middlemen is eliminated. This is made feasible by the internet,
which has given customers access to the insurance company. With the digitization of the operations
related to these services, nearly all procedures—from the purchasing, renewing, and making a claim
processes—are streamlined.
Customers can purchase an insurance policy with the press of a button and have it delivered to their
email address shortly after. Even the claims procedure has developed to give simple, paperless
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