Insurance moving towards real time coverage

The Indian insurance industry is undergoing a transition led by the digital revolution and innovations in the payments sector in the country, and moving towards more real time coverage aided by technology and datasets, according to IRDAI Chairman Debasish Panda.

“For insurance, times are changing. We will be venturing into the world of continuous underwriting and seamless insurance,” Panda said at the IVCA (Indian Private Equity and Venture Capital Association) Conclave.

Conventional insurance is being altered owing to which “highly tailored offerings” will be available on the table as insurers start handling massive data sets from various sources using quantum computing, he said, adding that this will revolutionize risk modeling and decision making.

Citing the example of motor insurance, he said drivers will be able to see how their insurance costs fluctuate every minute depending on the route they travel, the state of the roads and the way they drive — these will encourage them to drive more safely.

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