Originally published in: https://bfsi.economictimes.indiatimes.com/news/insurance/insurtech-part-of-solution-not-silver-bullet-to-everything-insurance-leaders/87966274/
"Insurtechs and their methods fit in well with general insurance companies but not with life insurance. Since general insurance is short term and easier to understand, companies offering it can have tie ups with insurtechs to reach out to Bharat by extensive distribution. However, for life insurance, since it is long term and a bit more complex, people avoid to opt for virtual interaction and use technology as a medium," Mukherjee added.
One could design products and sell through the insurtech space to ramp up the distribution, and reach out to a larger population of Bharat. However, insurtechs being an ultimate solution in this space still seems like a distant dream, he said.
"He also said that nature of life insurance is such that the customer still wants a one on one interaction instead of using technology as a medium".
(By Miranjit Mukherjee – Interim CEO & Principal Officer at Future Generali India Life Insurance Company Ltd)