| |December 20188CIOReviewBy Subir Mukherjee, Founder & Director, GIBLhe insurance indus-try, prompted by the phenomenal rise of fintech and its increasing role in banking and fi-nancial services, is on the cusp of a technological revolution. Insurance technology or insurtech, is quickly picking up steam, as consumer ex-pectations and behaviours continue to evolve with each passing day. Steering past the initial uncertainties, the banking and financial services sector in India is leveraging fintech extensively through new business models and partnerships, which can also guide incumbent players in the insurance sector to effectively adapt to digitization. By adapting to fintech and up-grading their operating models through digital tools and technolo-gies, banking institutions have seen significant improvements when it comes to aspects such as customer service, experience, and retention. A major role in this transformation is played by mobile-based solutions that not only enable access to financial ser-vices for customers, but more impor-tantly, are user-centric and relevant to the needs of customers. Hence, it is imperative that the insurance sector and incumbent players capitalize on the fintech and insurtech opportunity quickly, in order to strengthen their value proposition in an increasingly digitized financial ecosystem. Leveraging fintech and insurtech to build the efficiencies of the insur-ance sector Mobile and digital are at the heart of the technology-driven disruption, owing to the ubiquitous role they play in consumers' daily lives. As a result, consumer demands are evolv-ing constantly, driven by a need for greater speed and convenience in accessing banking or insurance ser-vices. Concomitantly, the demand for standalone products and services has been replaced by that for mobile insurance solutions with end-to-end assistance on a single platform. More-over, today consumers seek digital in-terfaces that offer them relevant cus-tomised or personalised solutions for a smoother experience of choosing the right insurance product for their specific requirements. WHY LEGACY INSURANCE COMPANIES MUST ADOPT FINTECH AND INSURTECH TO ENHANCE THE END-TO-END CUSTOMER EXPERIENCE IN MY OPINIONTSubir Mukherjee
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