We're experiencing insurance's slow but sure uberization.

More than ever, insurers now need big-

data driven ideas to evaluate risk, lower claims, and generate value for their clients. With a constant
influx of fresh innovative products, the sector is abuzz, deriving value in previously untapped fields.
Processes such as quicker KYC verification and onboarding, automated underwriting, adjustment of
virtual claims, to name a few, have become hot commodities over the past year.

With AI-assisted techniques enhancing efficiency, preventing information fraud or interference in

real-time; insurers are bound to create tailor-fitted end-user coverage.

The Current Indian Scenario

The general insurance sector in India is valued at US$ 21B in 2019, increasing at CAGR 13 percent
over the next five years, and is anticipated to reach US$ 57B by 2025. The expectations of customer
coverage in the subcontinent have changed to the wishes of flexible insurance products that suit
their lifestyle needs more intimately. These developments throughout the APAC landscape reflect
the changes seen in the more developed markets in the West.

Keeping customers at the centre of innovation in insurance, the company could employ one of the
following most game-changing products in the west:

1. Splitsurance: Allianz Suisse used the cloud-based lifecycle insurance platform of KASKO to
build and operate a fresh insurance product type – splitsurance. The offering is aimed at
university learners living in a ' flatshare ' in Switzerland. Customers can obtain a liability
cover, insure up to three valuable products of their choice and also receive discounts if their
flatmates decide to participate. Users can autonomously handle and update their cover
through an after-sales portal. Given the increasing number of students in India getting into
higher education, there is a good chance for such products to succeed.
2. CUVVA: Hourly vehicle insurance is provided by Cuvva. You merely enter the registration
number and estimated value of the vehicle you borrow from a friend or family member in
the mobile app, choose the time for which you want to be covered, take a image of the
vehicle and Cuvva will give you an immediate quote. Cuvva integrates with Facebook to
enable you to see which of your buddies to borrow vehicles. Cuvva queries different
information sources to check driving license information, Claims and Underwriting Exchange,
and automated fraud security to check coverage faster than legacy players can.
3. Digital Risks: DigitalRisks is a tech-based insurance expert that offers a flexible, monthly pay-
as - a-service system of insurance. A founder could begin by defending their laptop and end
up insuring employer liability against information breaches as the business expands.

As client tastes keep evolving, the future looks promising for the state of innovation, while we
should align our offers in lieu of the demand for newer insurance products. The insurance ideas
marketplace is already a reflection of the changes that clients want to see from their insurance
suppliers, and we must be instrumental in bridging those unmet need gaps and bringing them in.

Ajeya | 7359501511 | NMIMS_Mumbai | MBA (1st Year)