Days of Thali will be gone, it will be days of A la carte: G Srinivasan of National Insurance Academy

Going forward customers will ask for more personalised insurance products, preferring A la carte over Thali, said G Srinivasan of the National Insurance Academy at the 22nd Global conference of actuaries held in New Delhi.

“The industry will continue to grow for the next 20 years. Growth is also going to be on the product side I really see hyper-personalization in insurance. The customers will go create their products. So, insurance policies will be added to products in a very flexible way both in terms of structure coverages and in terms of duration. A lot of innovations will happen in the product space, aided by technology,” said G Srinivasan Director of the National Insurance Academy, India at the 22nd Global conference of actuaries held in New Delhi.

As the insurance industry is growing the thrust is on providing simple products which can be bought by customers at the point of sale. For example, under the embedded insurance concept the insurance is sold as a sachet product while buying a cycle or taking a gym membership. The idea is to make insurance simple and need-based.

Technology is another factor that will play a very important role and robotic automated processes will take over. "So, the technology is increasingly important for the insurance industry like data and analytics, real-time customer engagement, underwriting. A lot of innovations will happen in the product space, aided by technology," said Srinivasan.

“A lot of technology will also be used in loss assessments like drones, satellite imaging, artificial intelligence. Then we'll see embedded products. We will see on the product space the approach of solving a customer's overall problem. I think insurance will evolve as part of an overall ecosystem of solving problems in terms of regulations," Srinivasan added.