Article Synopsis :
A report by McKinsey on Indian Life Insurance Industry (“India Life Insurance 2.0 New rules, new game”) in 2011 provides perspectives in the context of the market landscape in order to enable insurance players to make the right strategic start. According to McKinsey there are three major discontinuities and five fundamental questions that insurers in India will need to address in the digital transformation process.
Discontinuities that will shape the market landscape
1. Continued regulatory changes
2. Shifts in consumer behaviour
3. Disruptions by changing technology
Fundamental questions for insurers
1. Is the agency channel a lost cause or a real opportunity to energise and rejuvenate?
2. What will it take for insurers to create a true win-win approach for Bancassurance?
3. Can insurers drive breakthrough innovations across the business system?
4. How should insurers think about their geographic footprint and business model in the new paradigm?
5. How can insurers capture value from their existing franchise?
Digital Insurer's CommentsGrowth opportunities in India are good and the life insurance industry has been growing rapidly. Surprisingly insurers have struggled to build professional agency channels.
The Digital Insurer believes digital thinking can and will transform agency in India over the next 5 years and that tablet point of sales toolkits will be a pivotal technology in that transition. See these articles:
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