RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Changing insurance sector in India and how can it benefit you

down-arrow
Changing insurance sector in India and how can it benefit you
January 02, 2019

Insurance sector in India is changing for the better and this is a phenomenon driven by global trends as well by the localized needs of Indian populace. The pioneering and game-changing role played by technology and the entry of digital scope in the sector has ensured a revamp in the overall way the insurance sector functions in India. Technology advances are transforming different industries at an ever-increasing pace. Insurance industry will not be isolated. These advances will be a lot more potent as they will have widespread applications across different aspects of the insurance business including sales, underwriting, claims and customer service.

Moreover, the rapidly changing economic landscape, digitization, the changing customer requirements and behavior, dynamic regulation etc. has impacted the insurance sector greatly.

Many such notable changes are as mentioned:

  1. Changing customer interaction:

    Initially, the conversion of contacts into business was a matter of personal interaction. However, today this has largely been captured by the digital interface. The growth of online insurance channels and the fast spreading online revolution in India - factors like these have changed the prime way of customer interaction in India.

  2. Digitization of the entire process:

    This is a growing trend today. From online storage of documents to online payments, the lengthy offline channel is fast being discarded in favor of online speed and accuracy.

  3. The growing dependence on data and analytics:

    Insurance sector thrives on probability and emerging changes. In an online world, this means an increased dependence on data and analytics. This is today leading to a model called data partnerships, wherein different insurers can create a sort of secure partnership regarding customer data collection. This also ensures that there is increased efficiency, transparency and accountability than there was previously.

  4. New products and schemes:

    Insurers in India are today banking upon the evolving customer needs and requirements of different segments of society. Instead of pitching in a single, broad coverage, insurers in India are looking forward to breaking up the complexity and replacing the old business models into new channels. Because of this, there has been an increase in the outreach and customer-education on insurance matters. On the whole this is quite beneficial for the insurers, as well as for the customers.

  5. Addressing millennial’s needs:

    It is a fact that the youth segment in India, especially the millennials (people in the age group 25-35 years) is a huge challenge for the insurance industry. However, this also presents a scope of avenues for the insurers as unlike the previous generation of customers; millennials are more interested in delivery speed and accuracy and are unwilling on compromise on assured benefits. By way of delivery, ensuring that these needs are fulfilled, insurance companies in India can go a long way in building upon the core strength of a young market.

Rapid developments in the digital sector and customer- interaction have changed the face of insurance in India and continue to do so today.

HDFC Life offers various such beneficial insurance plans that offer maximum security and proven benefits for customers. For further details, please click on the following link:

https://www.hdfclife.com/life-insurance-plans

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Blue Chip Fund

Blue Chip Fund

"Blue chip fund invests in stocks / shares of well-established companies with credible financial performance, market capitalization & steady payout of dividends."

Diversified Equity Mutual Funds

Insurance Overload: Are You Hoarding Policies Instead of Securing Your Future?

Single Premium Term Insurance: Meaning, Benefits & Types

Explore the details of a Single Premium Policy in term life insurance. This guide provides insights into its meaning, benefits, and types, offering a comprehensive overview.

Single Premium Term Insurance: Meaning, Benefits & Types
Why technology is the key to staying relevant in today's market. Previous
Understanding inflation and what it means for your investments Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches