How is Digital India helping?

Due to medical inflation and inflation in hospital charges, Health insurance has become a considerable necessity, not for the urban population but also the ones living in the vast interiors of the company. Every year we see some significant changes in the crucial aspect of the distribution of the insurance policies. It is becoming more comfortable to buy general insurance online. The regulators step to allow the health insurance products and general insurance products to sell the products online as well as to deploy more distributors on the grounds so that it can reach in farther places. On the other hand, the motor dealers now can get registered as the motor insurance service provider ( started in the year of 2017) this will also ease out the distribution and better services for the customers and let them have a more excellent choice.

Now the perks of being digital in terms of buying online general insurance are that it will be readily available to anyone at any time of the day and even on Sundays. Because of the open architecture in Bancassurance during the year, insurers have forged tie-ups with the major banks. This allowed the insurers to reach customers through the vast bank branches which have spread throughout the country and has offered more convenience to the customers

Now, since the nation is moving towards the digital cashless economy, the insurance industry is poised at the cusp of a digital revolution as it is looking for, providing intelligent solutions through the entire value chain and the interactions with the customers.Thus the insurance industry will also move from being a product-based approach to a dynamic consumer-based approach and will move beyond offering annual policies and will help in customizing short-duration plans that are going to be passed on the requirements of the customer. This will also focus on the profitability, which will lead to better risk selection and the reduction in discontinuing and the price wars in the insurance industry.