Emerging technologies enabling the digital transformation of motor insurance in India

Abstract

Objectives: The research study finds out the impact of emerging technologies on the motor insurance market. This study looks at the need for Insurers to align business models with emerging technologies. Methods: This study makes use of secondary data which have examined digital transformation in the motorinsurance market in India. We have used the survey findings of the Boston Consulting Group (BCG) and Federation of Indian Chambers of Commerce and Industry (FICCI) covering 3300 internet customers through a representative sample. Findings: The commodification of motor insurance is an opportunity to automate processes for efficiency through the entire customer journey from purchase of insurance to making a claim. Data is very critical to decision-making and using technologies like telematics, machine learning & artificial intelligence, the insurers can draw better inferences from data to make decisions with an element of speed and efficiency. Novelty: There is paucity of research on motor insurance for Indian market especially to integrate the impact of all technologies in one research study as highlighted here. Keywords: Motor Insurance; technology; digital; transformation; India