Insurance in India has traditionally been a high-touch, human-oriented industry. Distribution has been primarily led by distributors, brokers and agents, and Insurance companies have been primarily in the business of underwriting the risk, and providing service and claim support around it.
The last decade has witnessed a monumental wave of changes in the way existing and new insurance players are approaching the market. While policies are still sourced through traditional means, the entire processing, underwriting, policy issuance and servicing of the policy is now done through technology. Large insurance companies, Tata AIG included, have invested a significant sum in revamping large legacy systems and migrating systems to cloud-based solutions that offer both scale as well as speed.
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