Digital Revolution and Insurance Industry: Some Important Issues for India

  • Kabir Ahmed
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  • Kabir Ahmed

    Research scholar at Department of Law, Assam University, Silchar, India.

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The last three decades have been characterised by not only an unprecedented development in digital technology leading to revolution in information processing but also for an unpredictable march of information technology (I.T.) related applications for an ordinary people. Facilities like internet and internet of things (IoT), especially smart-phones have brought almost all public information on the finger-tip of a common man. Technological advancements are transforming every industry at fast pace. As a part of the larger economy, insurance sector is not immune from the influence those changes. The technological advancements will have widespread impact across different aspects of insurance practice including sales, underwriting, claim settlement, dispute resolution and customer service. Digitalisation has opened new doors of opportunities for the insurance sector and has provided a breakthrough to deal with major challenges which the sector has been facing for a long time. The digitalisation has influenced almost all the areas of operation of insurance business including employees, customers and business partners all over the globe. A relatively weak product distribution channel kept the level of insurance penetration at a very low level in India and the customers of small cities and rural India hitherto remained untapped. Distribution channels remained confined to agents only and were not cost effective. The boom of digital infrastructure and increase of mobile connectivity in rural areas along with internet facility have offered an opportunity to reach out to this untapped segment of population as well as spreading awareness about the insurance. New channels of distribution and the self-service facility will surely drive product operation. The article tries to highlight some areas of operation affected by information technology in the Indian insurance industry.


Research Paper


International Journal of Law Management and Humanities, Volume 4, Issue 3, Page 4194 - 4201


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