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Insurance / WHITE PAPER
Kanya Saraswathy C
Head, Commercial and Reinsurance, Insurance Industry Advisory Group, Banking, Financial Services, and Insurance, TCS
K Ramamoorthy
Head, Insurance Industry Advisory Group, Banking, Financial Services and Insurance, TCS
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The COVID-19 impact on the property and casualty (P&C) insurance industry has been varied, with dwindling premium income in personal lines, increasing demand in professional liability, and a slowdown in specialty lines. Given that the domino effect of the crisis on the P&C insurance industry will last for a few years, carriers need to focus on offering digital insurance, reimagine business operations, and future-proof to weather similar storms. Accomplishing this will require business model innovation by embracing purpose-led ecosystems and building a digital core to become future-ready.
Once a measure of stability is achieved, P&C insurance firms must initiate concerted action on transformation initiatives centered on future-proofing. The transformation initiatives must focus on:
Adopting Generative and Agentic AI in Autonomous Vehicle Insurance
Reimagining Claims Management with TCS Agentic Claims Processing
Adopting AI Technologies to Transform Disability Insurance Claims
TCS Helps Insurer Implement an Employee Health Insurance Solution