Emerging technologies enabling the digital transformation of motor insurance in India

Manoj Pareek; Manoj Kumar Pandey; Pratik Priyadarshi

doi:10.17485/IJST/v13i45.1846

Article

Emerging technologies enabling the digital transformation of motor insurance in India

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Indian Journal of Science and Technology

DOI: 10.17485/IJST/v13i45.1846

Year: 2020, Volume: 13, Issue: 45, Pages: 4532-4540

Original Article

Emerging technologies enabling the digital transformation of motor insurance in India

Manoj Pareek^1*, Manoj Kumar Pandey², Pratik Priyadarshi²

¹Assistant Professor, PGDM -IBM, Birla Institute of Management Technology, Greater Noida, 201306, India
²Associate Professor, PGDM -IBM, Birla Institute of Management Technology, Greater Noida,201306, India

*Corresponding Author
Email: [email protected]

Received Date:19 October 2020, Accepted Date:10 December 2020, Published Date:18 December 2020

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

Objectives: The research study finds out the impact of emerging technologies on the motor insurance market. This study looks at the need for Insurers to align business models with emerging technologies. Methods: This study makes use of secondary data which have examined digital transformation in the motorinsurance market in India. We have used the survey findings of the Boston Consulting Group (BCG) and Federation of Indian Chambers of Commerce and Industry (FICCI) covering 3300 internet customers through a representative sample. Findings: The commodification of motor insurance is an opportunity to automate processes for efficiency through the entire customer journey from purchase of insurance to making a claim. Data is very critical to decision-making and using technologies like telematics, machine learning & artificial intelligence, the insurers can draw better inferences from data to make decisions with an element of speed and efficiency. Novelty: There is paucity of research on motor insurance for Indian market especially to integrate the impact of all technologies in one research study as highlighted here.

Keywords: Motor Insurance; technology; digital; transformation; India

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Copyright

© 2020 Pareek et al.This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Published By Indian Society for Education and Environment (iSee)