"Telematics will help ascertain correct premium"
Pushan Mahapatra, Managing Director and Chief Executive Officer of SBI General Insurance, talks with Teena Jain Kaushal on how the industry is gearing up for changes.
- Nov 13, 2017,
- Updated Nov 20, 2017 12:15 PM IST
Innovative products, effective distribution models and wider use of technology are required for the growth of insurance in India. Pushan Mahapatra, Managing Director and Chief Executive Officer of SBI General Insurance, talks with Teena Jain Kaushal on how the industry is gearing up for changes.
In the motor insurance space, there could be innovations in terms of service offerings and customer journey, using technology at every step. On the product side, the current offering is almost standard and more than sufficient for the market conditions. On the health side, the pie is growing at a steady pace. But there is a need to further penetrate the market by using innovative products, improved sales mechanism and better distribution models. Also, there is a need for sachet size products for specific requirements such as a personal accident.
Innovative products, effective distribution models and wider use of technology are required for the growth of insurance in India. Pushan Mahapatra, Managing Director and Chief Executive Officer of SBI General Insurance, talks with Teena Jain Kaushal on how the industry is gearing up for changes.
In the motor insurance space, there could be innovations in terms of service offerings and customer journey, using technology at every step. On the product side, the current offering is almost standard and more than sufficient for the market conditions. On the health side, the pie is growing at a steady pace. But there is a need to further penetrate the market by using innovative products, improved sales mechanism and better distribution models. Also, there is a need for sachet size products for specific requirements such as a personal accident.