Digitalization has started to redefine the Indian Insurance Industry for all good reasons and is continuously facilitating the industry’s transformation. Today’s customers have started to switch to mobile-driven insurers in an attempt to alter and reconsider their business models and strategies. Advanced technologies like Robotic Process Automation (RPA) have started to automate repetitive business operations in order to reduce manual efforts. The technology even plays a vital role in improving services and compliance to minimise the cost. On the other hand, the Blockchain technology is helping the insurers in managing various complex tasks like underwriting, claim management, and prevention of fraud. Yet another prominent technology playing an important role in shaping the online insurance industry is Internet-of-Things (IoT). The technique is helping the insurers – especially the auto insurance industry – to cut their overall costs while enabling the customers to automatically initiate the damage repair and claim process.At the same time, a significant focus of the insurers on customer interaction and experience has brought about the immediate need for Voice Analytics – an efficient voice recognition tool to analyse and record a spoken conversation. The toolrequired Speech recognition and diarization modules before any analytics can be applied on the transcripts. On the transcript text, a wide array of voice analytics can be built upon including understanding intent of the customers and sentiment of the conversation to detect customer needs.Touchpoints and AnalysisInsurance, no doubt forms an integral part of an individual’s life yet the insurance industry faces a critical issue — it has relatively lesser customer touchpoints that indirectly create certain voids in the customer interface value chain. Most importantly, the most valuable touchpoint in the insurance sector – the insurance agent – is found wanting in both service and transparency.
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