One of the most well invested and prestigious financial institutions – Insurance, the concept of which goes back to the 4th century which witnessed botommory and repodentia bonds in maritime trade. A lot has changed since then and the industry is taking its first steps of digital transformation by adapting and evolving products to suit each of its customers’ needs. From telematics based auto insurance to fitness tracker based health insurance, the industry is headstrong in erasing inefficiencies and old technologies.
The major new challenges faced by global insurance executives include ever changing technology, sky high customer expectations and new players trying to disrupt the market with innovation. Insurance giants are looking into DARQ – Distributed Ledgers, A.I, extended Reality and Quantum computing to grapple with the new age problems.
However, the usual suspects like lesser productivity due to redundant paper based processes, fraudulent practices and missed customer delight still exist and are yet to be solved. And insurers cannot leapfrog into the lucrative next era, without getting their foundation of digital transformation right. From taking their first steps towards digitization to the most advanced of Distributed Ledgers on permissioned Blockchain, Heptagon has the capability to stand shoulder to shoulder in this battle.
Heptagon has had the opportunity to work with one of India’s most innovative insurance companies – Exide Life Insurance and helped them streamline some of their most paper intensive processes.