Several insurance companies on Wednesday stressed upon the need to use the right technology to manage risks. Speaking at a CII session here, BK Nayak, DGM of National Insurance, said it was not possible to ignore technology to sustain operations in this competitive environment.
Technology would be used to manage technology-related risks, he said adding that it would also help perceive disruptors as competitors. Wholetime director of IFFCO Tokio Anamika Roy Rashtrawar said digitization was the requirement for customers.
She said companies needed to gear up for this or face the risk of being redundant. By 2020, geo-analytics for health and retail business, usage of drones for crop insurance, telematics for car insurance would become increasingly popular tools.
CFO of Exide Industries A K Mukherjee said insurance was one of the most needed financial products in India. He said it was important to understand the multi-layered economic risk that the country faces and the insurance sector was becoming increasingly important over time.
Saurabh Chaturvedi of HDFC Life said National Pension Scheme was one of the major initiatives taken by the government which would help in building up a corpus for the future as well as a tax saving instrument.
(With inputs from agencies.)