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Reni Parameshwaran

Head, Innovation, Insurance Innovation Lab, TCS

Himadri Sikhar Pramanik

Marketing Transformation Group, TCS

Sayantan Datta

Research Analyst – BFSI, Marketing Transformation Group, TCS

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