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On-demand Insurance: Challenges and Opportunities for Large Insurance Carriers

Capitalizing on the on-demand opportunity to drive growth 

Attracted by convenience and enhanced experience, consumers in the insurance industry are opting for customizable, on-demand insurance services. The rise of the on-demand paradigm represents an opportunity for incumbent insurers to transform risk assessment processes by leveraging automation and artificial intelligence. Adopting on-demand insurance, however, will require insurance companies to address challenges related to legacy infrastructure and pressure from regulators and agents. In our view, insurance companies must adopt a phased approach to transition to on-demand insurance, which will involve negotiating three waves:

  • Collaboration: partner with insurtechs and allied industries to gain experience, promote product co-development and increase coverage
  • Value generation: exploit emerging technologies to define new business models and change the way value is delivered to consumers
  • Cross industry synergies: position themselves as industry influencers and facilitate the expansion of the contours of the insurance value chain
Reni Parameshwaran

Head, Innovation, Insurance Innovation Lab, TCS

Himadri Sikhar Pramanik

Marketing Transformation Group, TCS

Sayantan Datta

Research Analyst – BFSI, Marketing Transformation Group, TCS

Ujjwal Bunkar

Research Analyst, Marketing Transformation Group, TCS


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