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Insurance / WHITE PAPER
Reni Parameshwaran
Head, Innovation, Insurance Innovation Lab, TCS
Himadri Sikhar Pramanik
Marketing Transformation Group, TCS
Sayantan Datta
Research Analyst – BFSI, Marketing Transformation Group, TCS
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: