It is undeniable that the negative impact of the pandemic is enormous, depending on the nature of the business. However, one benefit for the businesses that has accelerated amidst this calamity is the growth of digitization. And, the BFSI sector especially the insurance industry is utilizing this opportunity to adopt digital routes and meet changing customer needs in a post-COVID world.  

Most of the companies were still operating with conventional methods when the world got hit by a novel virus named coronavirus. In the absence of digital modes of operations and proper training for the workforce, the damage in those sectors was intensifying. With this, the demand for digitization accelerated across industries and the insurance sector became a prime example to embrace technology in the COVID-19 crisis.

Stay-at-home orders in the lockdown made customers search for online services. To engage with such customers and prospects, insurance companies are shifting towards digital channels. Technology Service Providers (TSPs) with rich expertise in new and innovative digital technologies can pave the way for Insurance firms to serve their customers in a better way.

• Leveraging digital tools for advisory: Turning to digital platforms to interact with customers and advise them the best products that can meet their requirements is key for sales engagement amid crisis. The workforce is being trained with new-age digital tools and upgrade their relevant skillsets to give an enhanced experience to its customers.
• Increasing dependence on cloud and analytics-based solutions: Businesses need to scale their Virtual Private Network (VPN) to extend their business operations/functions remotely. Cloud-based data analytics solutions can be implemented in server-less architecture and optimize costs.
• WhatsApp messaging service: Insurers are ramping up their interaction capabilities with WhatsApp chatbot service to support their customers as and when required. For example, IndiaFirst Life Insurance digitized its insurance process where a customer can send ‘Hi’ with the registered number, following all the listed services will appear. As contact-free will be the new mantra in the post-virus-hit world, such technological solutions can give an overall personalized experience to the users.
• Strengthening Cyber Security: BFSI sector is one of the most vulnerable sectors to data breach. It is extremely critical for Insurtech providers to safeguard their important data and build risk mitigation solutions against cyberattacks like phishing, spamming, etc.

It is a crucial time not only for the insurance companies but also for the service providers to come up with innovative and customized Insurtech solutions for protecting confidential data. Insurers are looking for more sophistication and structured framework to continue their operations on a 24X7 basis at an optimal cost.

In support to these digital requirements, Draup has been extremely beneficial for providing insurance industry insights to the service providers. TSPs can accumulate this detailed information to analyze and build their offerings to targeted companies. Organizations in need for such new-age technological solutions can have good opportunities for the TSPs leading to successful sales enablement.