The increasing adoption of smartphones, tablets, and other digital devices is changing the way business is conducted across industries. However, the insurance industry is yet to completely embrace digitization for its end-to-end offerings. The insurance industry’s slow adoption of digitization can be partly attributed to regulatory requirements pertaining to paperwork and signature verification of certain transactions. In addition, the limited functionality of existing digital platforms such as insurance portals and mobile applications discourages customers from using them.
This paper discusses the need for a comprehensive, multi-platform system for consumers to seamlessly access and manage their insurance policies. It highlights how such platforms help manage digitized communications and ensure faster, technology-enabled services for consumers.