| |December 20179CIOReviewconjunction have eased the process for Insurers consid-erably. Companies are investing in these areas signifi-cantly to smoothen and further improve the UI/UX for the consumer. This is a game changer for sure.(2) Servicing & Customer Engagement: Industry has already initiated various steps to build and strengthen the digital infrastructure at an enterprise level to capital-ize on the opportunity presented. Self service through digital platforms, use of NLP & other innovations for optimized service infrastructure, engaging customer through the life cycle for enhanced loyalty are areas that will see significant development over the next 2-3 years. These have a huge USD value both in terms of the bot-tom line and C-Sat levels. (3) Big data, Analytics, Cognitive processing, Cloud Computing and Mobility are other areas which will see big investment and movement in the next few years as it holds promise for the Industry. The Indian market is a factor of the demo-graphics and the environment that the country presents. Hence any comparison to the Inter-national market would be misplaced. However, the digital landscape has rap-idly evolved over the last few years and the ecosystem is warming up to a potential `high growth' era. The consumers are now more receptive to technology and we are moving away from the physical world to the `e-world'. The political establishment has played a critical role in this and it is a matter of time before we start seeing the benefits of "joining up the market place through technology".The Differentiator-Generalized or Customized SolutionsThe biggest differentiator is that insurers are moving away from offering generalized solutions to customized solutions. This will be a game changer as technologi-cal solutions will lead to better customer insights thus leading to defining/designing personalized solutions. The solutions will be much sharper based on the spe-cific needs of the consumer and his future requirements. This applies to all Insurance streams be it general, life or health. Technology is the only solution which would bridge the diversity that the country offers and both companies & consumers will have to hasten the progress of walking this path. We at Canara HSBC Oriental Bank of Commerce Life Insurance are adapting to the new reality in maxi-mum possible ways. We are a fully automated workplace. We are using mobility to handle the geographical chal-lenges, are leveraging various technological solutions to reach out to our distributors and customers real time. The country today presents an opportunity through the various `start up' technology firms for specific targeted solutions which we are already in the midst of exploring & building. We do feel that these technological inter-ventions offer huge value to both - consumer and us as we will be able to adapt better to the requirements. The biggest differentiator is that insurers are moving away from offering generalized solutions to customized solutionsShalabh Saxena
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