A Business Model for Insurance in India

If the dynamic changes in the general business environment teach us anything, it is that Insurance business can be no different. If the relentless shake out in other sectors, is any indication, we need to understand, that no business including insurance is immune to today’s rapid and relentless shifts in technology and customer expectations. In this paper, we shall explore how new technologies and customer expectations which will shape the future of Insurance business in India, the scenario of market forces and how the business is likely to take a new shape and still come on top! The larger and longer living population, their expectations on retirement, the growing affluence of people in China and south Asian countries are but some of the challenges. As net savvy customers get used to the Apple and Amazon experience they would like to have the same accessibility, transparency and responsiveness in their customized insurance products. A new generation of smart policies that would automatically adjust policy holder’s asset mix to suit his retirement age, risk profiling analytics and generally smart policies which can easily compare the present day off the shelf customized products for their benefits and quicker decision making will be in order!.