Unlocking Electronic Signature Licitness for Insurance Industry in India

How to eSign a document: electronic signature licitness for Insurance Industry in India

[Music] we are going to talk about key trains in insurance industry and how open source is driving digital transformation what we are going to see what are basically things disrupting this industry and we know technology has been there for a long time industry has been using technology but in recent times this technology is actually disrupting the whole process of the industry it is creating a new giving new ways of doing business as to what are the ways it is impacting the industry then we have this way of great resignation what does that mean is to the industry is that availability of talent is a big challenge to attract new thailand to retain talent is a big challenge because this industry as we saw always depended on people it's been there for a long time and so it depends a lot on people's deep domain knowledge and today all of a sudden now you have this stress on availability of people key talent is creating a lot of challenges for the industry then we have this new kind of companies on the market these are technology first companies and who are offering insurance products who are changing the very nature of way of doing business in the insurance industry kovind 19 we all know it has really disrupted every industry especially in the insurance industry it's been almost two and a half years we call it as kobe 19 we are in 2022 now it basically impacted the people connect it impacted the face to face contacts and this industry depended so much on it but then it had to resort entirely through digital channels so these are the key things that are basically impacting or disrupting the industry the core areas of the business are getting impacted right from claims and underwriting when you depended on people for this deep domain knowledge all of a sudden now you don't have those people available or there is a strain on availability of people your core processes core insurance business areas are getting impacted distribution channels you have now so many distribution channels earlier you had relatively simpler or limited insurance channels you had agents you had direct sellers or you had banks but now mom mom and pop corner shop also offers you insurance products when you are doing so many digital transactions at every exit of the shopping cart you are being offered do you want to buy this insurance product your customer experience itself the core of every business is customer experience with kovind 19 and also with the digitalization both the factors combined together risk assessment being a core area which was well established process and but today with the people's behavior because of the social behavior and because of technology for many reasons this now has to become a very dynamic process of assessing the risk insurance industry has always been addressing the regulatory reporting so when you see these the impacts on your business you also have to take into considerations what are the trends in the industry when we are driving the business to make really use of these strengths is also a need of an hour you have today individualization happening that is a demand from the your users your buyers coupled with this industrialization or powering this individualization are the gadgets you have so many gadgets today available that capture data on a real-time basis they take tell you the health of a appliance health of a car or health of a person or what not a positive impact if you make use of it then there are companies and there are algorithms available today through which you can actually do your claim settlement in a real quick time then there are ways um you can actually create pay-per-use kind of insurance products and then there are platforms which have come up which are creating a crowdsource uh insurance products so these are the areas that are shaping digital transformation cloud if you take that as a one big big thing that has happened in last few years initially though it start especially the industry those who were regulatory had to follow a lot of regulations those companies like insurance or banks stayed away from cloud but today it is it is a de facto standard de facto platform uh and then because it gives you a lot of benefits we will see more details some other time but it has become your way of deployment it has become your way of carrying your infrastructure technology infrastructure and it is not only for the technology teams for even businesses are taking care of it taking benefits of it kubernetes is another technology that is driving the whole digital transformation because through kubernetes is a platform you can roll out your micro services and your applications in a real quick time and also you are able to carry them from platform to platform if you are using native kubernetes platform then you can host it on your data center or you can host it on cloud or you can just do multiple clouds with any control in your hands so that creates agility within your organization when you are driving so many applications when you are deploying them at a rapid pace what you need is automation and that is the key part that determines how well you can respond or how fast you can respond to the changing nature of business changing nature of technology so automation in is the center is a cornerstone of your digital transformation strategy another area that gives you great insights is real-time analytics as we saw today there are so many gadgets available so many places through which you are getting data so many distribution channels you have your data is constantly coming into your systems do you have a system a process where you can get all the data put into your system and create a good insights from it that's the key thing not having just data is not good enough but creating a way of getting insights and in real time and responding to your customers respond to your stakeholders is the key thing to bring about this digital transformation then you have ai which basically creates your productivity a lot of it which basically gives you a lot of insights proactively not just reactively but tells you what more you can do before something happens before turnout happens before somebody doesn't renew the policy how you can address that well in time and things like that applying robotics in your appliances in your branches and so many places has become very very important attracting the customer connecting with the customers so those are chatbots and robots and those kind of things are important and then there is a new kid on the block in in technology uh called blockchain uh it's not that relate that new but it's relatively uh new uh and it has become important part to create the trust to establish a distributed computing model and that is being leveraged for many purposes when these are the things that are happening or these are the areas that are shaping your digital transformation you would ask so why are we talking about open source what is the relevance of open source the key thing if you notice all of these platforms or technologies are actually driven by open source technologies they are open source technologies right from blockchain kubernetes cloud all are powered by open source they are open source technologies so the key point is when you are driving the digital transformation you are 100 using open source technologies in a big way definitely and when you are driving this digital transformation through open source technologies the next point is don't look at it only as a technology use or make use of this open source to drive cultural change to dry process change for example create a collaborative environment to create innovation environment of innovation within your organization or to create agility within your organization use open source and values of open source also along with open source technologies to address this digital transformation so to conclude if in the insurance industry when you are driving these changes when you want to leverage these key trends you are bound to drive a digital transformation and you are bound to use open source technologies and that is where we come in picture we'll talk about that how we can help you in other video thank you and we'll see you again [Music]