Insurance Susceptibility and Ecosystem Capability in Technological Realm

Dr. Dhaivat M. Shah

Abstract

No to innovations and technological adoption comes at a cost. Technology seems to be whispering - My way or high way. Customer was always in the center for sales, then came financial planning or need based sales, need for knowledgeable intermediaries, need for innovative products and now technological breakthroughs are breaking stereotypes and set systems. Organizations have to evolve with data capabilities, talent management, change management, cognitive automation, citizen led development and adoption of cognitive and operating models for enterprise processes. Insurance is thought to be lacking social conversation and is considered to be an unsought product which is thought for or purchased only after having faced harmful consequences. Insurance as an instrument supposed to be providing for certainty, is undergoing times of uncertainty, complexity and ambiguity. The times ahead also provide an opportunity to reduce or eradicate perceptual bias and objections. This research paper visualizes India of 2030 from present and observes growth potential for Indian economy. Technological disruptions are deliberated and importance for strategic actions required from insurers with VUCA -Volatility, Uncertainty, Complexity, Ambiguity model. The main issues faced by insurers in addressing reluctance in VUCA world are complicated process, poor customer experience, changing set of expectations and preference for digital offerings. Susceptibility and ecosystem capability of insurance companies suggest headwinds before stability and new norm. Disruptive technologies like artificial intelligence, block chain, chatbots, low code, data science, internet of things, predictive analysis, robotic process automation, personalization and data are studied from present and future usage point of view. Developing of ecosystem with collaboration of stakeholders, adoption of technological nuances are and have potential to offer first mover advantage, as well as offers opportunity to offer better experience to customer. Customer benefits due to technological disruption are explored.