Prabal Khanna, AVP – Strategic Initiatives, SwissRe, Upendra Namburi, Chief Innovation officer, Bharti Axa General Insurance, Ashish Gupta, CTO, PolicyBazaar, Nimesh Mehta, Founder, Rockmetric and Rakesh Ramachandran, Co-founder, Qbrics were the key speakers on Insurance.
The panel debated the need to create more interactions between customers and insurers, interactions which are lost today in the noise that customers hear from multiple agents and stakeholders in the industry. An interesting insight raised by the team was the need for insurers to recognize and maybe even incentivize the customers’ commitment to health. While price wars are detrimental to the entire industry, the speakers spoke about the need to move from a DAA syndrome (data accumulate addiction) to actually form hypotheses which can be solved to improve value for customers. For example, providing products and services that were not existing in the market, using cognitive analytics to improve decision making, providing content based branding to simplify the messaging and making claims efficient, customer experience, easier. Could cattle insurance benefit from facial recognition technologies? That was the funny and thought-provoking note the session ended on.