EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
How EY can help
-
We collaborate with insurers on technology transformation programs and the deployment of digital tools. From concept to implementation, we work with you to develop strategies that optimize performance, drive efficiency and enhance quality.
Read more -
EY helps insurers adopt the right tech and retool experiences for stronger relationships with customers and distributors from crisis to recovery and growth.
Read more
Insurance players face challenges of a rigid catalogue and lack proper understanding of their prospective customers and their needs. Data in the insurance industry stands to play a crucial role in resolving some of these easily to serve the evolving needs of the next gen consumers, who want seamless and hyper-personalized experience and refuse to settle for anything less. Amid all this, optimists would agree that it is an exciting time for the domestic insurance industry to carve itself to be relevant in the market.
Experts believe that for insurers, creating an optimum user experience will be paramount. Also, their ability to build deep relationships by proactively altering the customer approach toward risk will be a game-changer for the industry. They will need to work on regulating data, prompts and information in a frictionless way to enable consumers to better assess their overall financial situation.
Given the positive outlook of the regulatory environment to provide access to legit data and the emergence of account aggregators, National Health Stack, and the entire India Stack makes all this fairly feasible. This is further enabled through the regulatory framework, such as Ayushman Bharat Digital Mission NDHM, IIB etc., that have made data more assessable and accurate and may trigger the creation of a seamless ecosystem that well integrates insurance information.
Harnessing the power of data and analytics in the insurance industry
By adapting to the data-driven revolution, insurance incumbents must offer a differentiated customer experience that leans towards uberization. They could utilize the power of advanced analytics to provide customized, need-based solutions for specific segments.
Utilizing these, the insurers will be able to identify their target consumers and design products in line with their needs. It is imperative for insurance players to better understand their customers through data. Further, to cater to the needs of specific customer segments, such as rural, SME and GenZ, among multiple others, insurers must evaluate creating differentiated propositions.