Reimagining Non-Retail Insurance
The rapidly transforming insurance industry, with evolving customer needs, business regulations, and increasing competition, created huge demand for transformative digital tools across the insurance value chain. With India being consumption economy and major segment being retail and customer focused, digitizing retail value chain became natural choice for insuretech, where massive digitization and technology infusion happened. The commercial segment with more complex and people-dependent processes on the other side, lagged behind in terms of technology availability and penetration.
The intricacies involved in commercial lines of business in general, and underwriting and product construct in particular, are not easy to understand. Unlike the retail segment, there is no structured marketplace for commercial lines of business. Information exchange between underwriters, intermediaries, and sales happens over emails and phone calls, making it error-prone, time-consuming, and cumbersome. Also, due to the time lag in communication, asynchronicity in data arises. The varied data exchange formats used by intermediaries and clients further complicate the process.
As the industry grows, the complexity of data handling and processing will increase further, and insurers using legacy systems and processes for underwriting will find it difficult to scale-up and be responsive at the pace that the industry demands. Although some insurers are ahead on this front, it is time for the industry to reimagine the end to end journey of commercial insurance underwriting. Insurers need to leverage disruptive technological tools and adopt newer ways right from RFQ to quote binding stage. Industry giants like Policy Bazar have already started taking steps towards digitising commercial insurance with their newly launched business unit "Policy Bazar for Biz".
To drive this digital change, Dorian Mode Technologies has launched first-of-its-kind Tarslink Platform, which seamlessly connects brokers and insurers, digitising their RFQ-to-quote binding journey. The platform also enables insurers to utilise the commercial underwriting core engine to digitally transform their internal business processes for massive gains in productivity and scalability and become ahead of the competition.