The insurance industry has transformed after liberalization. It is currently witnessing the era of digitization, where we are seeing a growing need for digital technology in wellness and data analytics for managing personal health and controlling claims. To understand the changing dynamics of Insurance, we recently conducted seminars in Mumbai and Bengaluru titled as – Digi-Tech In Health Insurance, Impact of Big Data. The seminar discussion highlighted the impact of technology, big data, wearable devices and analytical tools in the insurance industry, enriching and helpful in effectively managing employee benefits solutions for organizations.
We would like to highlight a few key learnings and facts shared by our eminent speakers during the seminar:
This topic was addressed by Joydeep Roy, Global Leader – Insurance Digital Assets & India Leader – Insurance Practice, PricewaterhouseCoopers Pvt. Ltd., in Mumbai & Mrs. Vijaya Deepti, CEO, Tata Insights and Quant in Bengaluru.
According to Mr. Srinivasan V, CFO, & Mr. Abhishek Sharma, Co-founder & Chief Operating Officer, GOQii & Mr. Adrit Raha, CEO & Mr. Chinmoy Mishra, Chief Business Development Officer, Vivant; mobile and wearable IoT technologies will derive insights on health and lifestyle. In today’s world, a lot of data is generated by the wearable devices that is not leveraged and processed properly. This calls for a big data analysis model for wearable devices.
The Session by Mr. Segar Sampathkumar, Chair Professor, General Insurance, National Insurance Academy, Pune covered facts that define the current state of health insurance in India:
Big Data is the next wave in the Insurance industry and amalgamation of different data sources will be key to personalization. The development of actionable insights based on big data can lead to higher customer satisfaction at lower premiums.