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Results of digitization on the motor insurance trade – NewsPatrolling

In today's world, digitization has touched almost every area of ​​life. Digitization has also massively changed the insurance industry. It has also revolutionized the auto insurance industry with automation and digital upheaval. With the advent of Artificial Intelligence, next-gen data, blockchain, cloud computing, advanced analytics, etc., adopting new business methods has become a requirement for survival in the advanced world.

The following will help you better understand the digital impact on the auto insurance industry:

Tailored services

The automotive industry is relatively demanding and car manufacturers compete with each other to provide the best service to their customers when it comes to personalizing their vehicles. While various new vehicle variants are coming onto the market with the option of customization. It is becoming difficult to create a uniform insurance policy for all insurance companies. With digitization, the needs-based, usage-based and customizable form of insurance products and services is gaining in importance. From flexible coverage options to microinsurance to sustainable insurance plans are becoming the new norm.

Faster access to products and services

With the digital transformation, you can go to the insurer's website to get any type of information you want in order to get auto insurance. After that, gather all the information you need and compare these guidelines with others to find one more suitable for your needs. With digitization, every insurance provider has an advanced process in which you can search, select, compare, get a quote, speak to an expert, buy and renew insurance in one place in minutes.

Reduced operating costs and time.

One-click research, purchase and renewal options have reduced operating costs and time, making the entire user experience efficient. The digital atmosphere makes it easy to process claims, conduct transactions and raise awareness of the need for car insurance.

Integrated analyzes to improve the customer experience:

In order to build lasting customer relationships, it is crucial that customers feel comfortable using digital business tools. This is where the data collection and the integrated analysis of this data come into play. Digitizing data enables the insurer to conduct the transaction and automate processes with little or no time to help customers – for example, by helping a customer move the claims process forward shortly after an unfortunate event like an accident. With data available from smartphones, health tracking devices, GPS, security systems, etc., insurers can anticipate their response to the customer.

Use of AI

Since digitization conquered the automotive insurance industry, the use of artificial intelligence has increased on a large scale. Using various forms of AI such as chatbots, consumer behavior tracking, trend analysis, etc., insurers improve lead times for policy purchase and renewals, claims handling, etc. AI can use analytics to detect fraudulent claims, assess risk points and generate accurate reports

The above points make it clear that digitization has monumentally influenced and changed the motor insurance industry.

Getting car insurance and protecting yourself and your vehicle against unforeseen events is one of the most important things you can do as a car owner. Check out different types of auto insurance from Kotak General Insurance.

This article is written by Suresh Sankaranarayanan, Sr. Executive Vice President & Chief Technology Officer, Kotak General Insurance, and the views expressed in this article are the personal views of the author.

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