Insurance industry in India
Poised for digital disruption on a massive scale
Author: Prayukth K V
Design: Prabhahar C
Dec 2014
Figures culled from various data sources as of December, 2014

Insurance industry in India
Major trends
 Indian insurance cos poised to spend INR 4.1 billion on mobile devices
 Most Indian insurance CIOs view mobile enablement of applications and services as a very
important component of their strategies to improve sales and channel effectiveness
 Insurance companies now are taking to mobile devices in a big way, because their target audience
has taken to mobile devices in a big way
 in 2014 the rate of adoption of mobile devices has gone up by 35% as compared to the same in
2013.
 Indian insurance companies will spend 121 billion rupees on IT products and services in 2014, a 12
percent increase over 2013
 Insurers in India are getting serious about their core insurance processes, especially where they
help increase insurer penetration of the market
 Gartner expects the Rs 12 billion software segment to be the fastest external segment, growing at
18% in 2014 overall, which will be driven by accelerated growth of insurance-specific software. IT
services, the biggest spending segment for the insurance industry at Rs. 40 billion in 2014, will
continue to realize robust growth of 16%
 Increasingly, insurance apps will draw on data and services from multiple sources to provide
customers with a single-screen solution for risk advice, risk cover and complementary services

5 Point agenda for life insurance industry
Insurance industry in India

Insurance industry in India
The digital surge

Customer research shows high influence across value chain
Insurance industry in India

Digital disruption across insurance value chain (Examples)
Insurance industry in India

Digital impact greater than just sales
Insurance industry in India

Only 30 percent of insurance buyers are completely non digital today
Insurance industry in India

Potential cost savings of 15-20 percent for life insurers and 20-30
percent for non life insurers
Insurance industry in India

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