Impact of Digitalization on the Car Insurance Sector

In today’s world, digitalization has touched almost every walk of life. Digitalization has brought massive changes to the insurance industry as well. It has also revolutionised the car insurance industry with automation and digital upheaval. With the rise of Artificial Intelligence, Next-gen data, Blockchain, Cloud computing, Advanced analytics, etc. adopting the new ways of doing business has become a prerequisite to survive in the advanced world.

The following points will give you a better understanding of the digital impact on the car insurance sector:

  • Customized services

The automobile industry is relatively challenging, and car manufacturers are competing against each other to give the best services to their customers with a choice of personalizing their vehicles. While various new vehicle variants are coming into the market with a customization option. Making a one-size-fit for all insurance policy is becoming difficult. With digitalization, the on-demand, usage-based, customizable form of insurance products and services is getting more attention. From flexible cover options, micro insurance, sustainable insurance plans are becoming the new norm.

  • Faster access to products and services

With the digital transformation, you can get any kind of information you want in order to buy a car insurance policy from the insurance provider’s website. After that, gather all the required information and compare those policies with others to find one more suitable to your needs. With digitalization, every insurance provider has an advanced process in place, where you can look, select, compare, get a quote, talk to an expert, buy, and renew insurance policies in a matter of minutes at one destination.

  • Reduced operational cost and time.

With one-click research, buying, and renewal options, the operational cost and time have been reduced, and as a result, making the whole user experience efficient. The digital atmosphere has made it convenient to process claims, perform transactions, and increase awareness about the necessity of car insurance.

  • Integrated analytics to enhance customer experience:

To build long-lasting relations with customers, it is crucial that customers feel comfortable using digital means of business. That is where the data collection and integrated analysis of that data come in handy. Digitizing data allows the insurance provider to perform the transaction and automate processes with little to no time to help the customers – for example, by assisting a customer get ahead on the claim process shortly after an unfortunate event such as an accident. With available data from the smartphone, health tracking devices, GPS, security systems, etc., insurers can get a head start on their response to the customer.

  • Use of AI

Ever since digitalization took over the car insurance industry, the usage of Artificial Intelligence has increased on a grand scale. With the help of various AI forms such as chatbots, consumer behaviour tracking, trend analysis, etc., the insurers are improving the turn-around time of policy buying and renewal, claims processing, etc. AI can use analytics to detect fraudulent claims, assess risk points, and create accurate reports

The above points make it clear that digitalization has impacted and transformed the car insurance industry in monumental ways.

Buying car insurance and securing yourself and your vehicle against any unforeseen event is one of the most crucial things you can do as a car owner. Check out various types of car insurance policies from Kotak General Insurance.

This article is authored by Suresh Sankaranarayanan, Sr. Executive Vice President & Chief Technology Officer, Kotak General Insurance, and views expressed in this article are the author’s personal views.

MIT University of Meghalaya appoints Dr. Malhar Pangrikar as new Vice-chancellor

Shillong: MIT University of Meghalaya appoints Dr. Malhar Pangrikar as the new Vice-Chancellor, MIT University of Meghalaya was established in 2011. An alumnus of IIM Calcutta graduated in electronics & telecommunication engineering from Amravati University, Maharashtra, and a PhD in strategic management, Dr. Malhar Pangrikar is one of the youngest Vice-Chancellors in India. He started his career with HCL Infosystems Ltd. as a senior system integrator in the telecom division and then as a research associate with MIT School of Telecom Management. During his teaching assignment, he has published research papers in national & international journals & authored 4 books in the management domain, guided more than 50 business projects many of them have national recognition. His areas of interest are cultural diversity, sustainable design, applied economics, strategic branding, consumer behaviour, data science, artificial intelligence, and e-commerce. He is an academic & strategic growth advisor to many EdTech start-ups in India, which are phenomenally performing in the respective areas.

With a rank of sergeant in NCC, a captain for Amravati University in Ball Badminton & Handball builds his personality as a disciplined strong leader with ground connect. The decision of selecting him as the vice-chancellor of MIT, Shillong evolved as he has the academic experience and his major competencies being handling higher-order challenges, objective & result-oriented attitude, data-driven problem-solving approach and network building across the disciplines. His experience in MIT Group of Institutions, Pune for more than a decade with managing green & brownfield projects marked him as the Vice-Chancellor of MIT University of Meghalaya.

About MIT, Pune:

Established in the year 1983 by an academician, has more than 70 institutions, 4 universities across India, with more than 5 lacs global alumni. MIT Group of Institutions offers various Undergraduate, Postgraduate, Fellowship & Doctoral courses in the areas of Engineering, Management, Medicine, Pharmacy, Design, and many more for the students of India and abroad. Aimed to function as a great contributor in the socio-economic sphere of society, MIT has been working for years to make the dreams of aspiring students come true. Along with this, the MIT group of institutions pioneered a revolution in the educational sector of Indian society. After the successful functioning in Pune, MIT is working to expand to various parts of the country and provide quality education to all.