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The pandemic has ushered in the era of a proactive policy holder. It is also serving as a catalyst for speed and innovation. With increased claims, stricter regulatory scrutiny, the need for emergency services, disrupted agent networks and higher incidents of cyber fraud, the industry is fast on its way to devising low touch methodologies that increase digitization and simplify end user experience, while also tightening security processes and implementing a leaner and agile approach for faster release cycles.
While there is a need for insurers to review business models, challenging legacy beliefs comes a close second. Most importantly, strengthening trust across all customer interactions -- be it providing confidence on the coverage and benefits, clarifying policy contracts, or deploying advanced tools to manage and service claims-- becomes paramount.
TCS BaNCS hosted a session – TCS BaNCS Dialogues on 5th November 2020, 11:00 AM BST, where stalwarts from from the industry shared their experiences and investigate the future state of an insurance business.
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