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Why technology is the key to staying relevant in today's market.

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Why technology is the key to staying relevant in today's market.
January 02, 2019
 

Ours is a technology-driven world and in this world full of opportunities and future growth channels, India is set to emerge as a dominant player. With changing times, it is imperative that you stay in tune with the updated roles and domain that have emerged. In order to create more efficiency and ensure that there is total transparency in the commercial affairs and economic activities, digitization of the key domains was initiated of late and today, the online mode has taken over almost all important segments of industry. Insurance, being an important part of the commercial umbrella of the country, has also come under the purview of this change, which has been profoundly positive in nature.

Earlier, a simple exercise of applying for an insurance plan used to be very complicated and extensive and required loads of paperwork, numerous agent-visits, endless formalities, submissions etc. Not only was the process tedious but it was also time-consuming and elaborate, not just for the insurers but also for the common consumers. Delays, human errors, lack of accountability and transparency were rampant features and this was one of the reasons that the public outreach had few takers in this country. The widespread coverage that insurance industry enjoys today and the new and innovative focus on customer's satisfaction were limited in scope. However, with the advent of digital revolution in India, things have changed for the better and more and more opportunities have started coming up.

From very mundane processing to extensively detailed procedures, the online platform has unleashed immense potential for business development and things have been simplified at every level. Every investor today knows and understands the key role that technology has played and is expected to play in the near future. Being a part of the growth story involves staying connected with the fruits of this technology and utilizing it to achieve further channelization of resources and for creation of multiple growth avenues.

The whole process of insurance system and the way plans are formulated and regulated has underwent a sea change from the times when offline mode was the only option. Today, the online presence of insurers has ensured that you need not spend days seeking advice from agents regarding the decisions to act. Comparison is essential before policy purchase and hence, expert advice is needed. However, today you can simply log on to the online official portals of various insurance companies can make a comprehensive comparison of the terms, conditions an features of the plan that are on offer. From comparison to policy-purchase, everything can now be done digitally, with the click of a mouse. This has made taking an informed decision very easy and has saved precious time and energy.

Taking a cue from these developments, it can be safely said that in the coming days, more such changes are expected and therefore, in order to stay relevant to the modern, informed customer of today, being in touch with technology and using it for business expansion is very important for staying relevant.

HDFC Life offers various online insurance plans that seek to secure your future and can be easily checked, compared and purchased online.

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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.

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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.

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