Today, digital technology has already broken the traditional barriers and has increased the knowledge related to the insurance product and its services. Besides, people are now more comfortable with the digital world. There has been no looking back and more and more industries are going digital.
With a plethora of bike insurance providers accessible in the market, the competition has also increased. The bike insurance industry is also going through a fundamental shift. Compared to traditional days there has been an increase in awareness in regards to the bike insurance policy.
We are living in a time where customers look up to the internet for everything. Internet today has become a preferred choice for any information on whether to communicate or receive.
The insurance industry has also clearly understood the impact of digital transformation is adopting digital technologies and builds its customer base.
The Digital Phase
There was a time when it seemed almost difficult to reach the Tier 1 and Tier 2 population of India. However, digital coming into the picture things have surely changed for better. Now, while purchasing a bike insurance online policy they simply look for the information and make an informed choice. In case, if they do have any questions, they can get in touch with the customer care support within minutes and do not need to travel. Besides, the online payment method also gives customers a sense of security.
Today, the bike insurance providers have launched applications for your smart gadgets, which are extremely user-friendly, and active social media handles for engagement, grievance redressal of customers and so on. With digital applications into the light, any grievance can be resolved within a stipulated timeframe. The digital marketers of bike insurance industry also run campaigns to reach their target customers. For example, ICICI Lombard launched a campaign just before New Year 2020 urging people with a strong social message of ‘Don’t drink and drive’ in a hard-hitting manner.
Radical Change: Show Digital Papers
With the advent of technology and new-age digital mediums, a paradigm shift has been noticed. This digital transformation is being acknowledged. As per the law, it is a mandate to carry essential documents related to your vehicle. However, considering the noticeable development, The Ministry of Road Transport and Highways have allowed keeping a digital copy of essential documents related to your vehicle such as driving license, bike insurance papers, etc.
In case, if you were still unaware regarding the same, you may store your two wheeler related documents by using digital applications such as Digilocker or mParivahan.
Digilocker is an application launched by the Government of India within its Digital Media Initiative. mParivahan is an application for all India RTO vehicle registration search.
The Scope- Digital Technology
The merging of technologies like information sciences, portability, IoT, Artificial Intelligence (AI) and so on is set to change the manner in, which insurance providers work and will open new roads for development in products and services. Artificial Intelligence and analytics could empower the computerization of underwriting and misrepresentation controls.
Considering the expanding utilization of information space, customers will undoubtedly have a colossal digital impression. The capacity to mine this information, combined with AI will assist insurance providers with cutting a speciality for themselves and build products taking into account explicit needs at a competitive cost. Technologies like Robotics and Artificial Intelligence will move providers to become more slender.
Looking Forward
The quick multiplication of technology has offered to ascend to an entirely different age of products and services, which is just not limited to the bike insurance industry but across other segments of the insurance industry.
Having said this, the potential worth, just as an application for making digital an upper hand, despite everything stays undiscovered. To open this colossal undiscovered hold, the insurance providers should audit and actualize the digital procedures of a portion of the digitally propelled industry pioneers.
To put resources into digital capacities or to turn into a digital insurance provider is the greatest issue for any insurance provider, today. Picking the later will enable these insurance providers to build more prominent client reliability, cut expenses and improve benefit.
There is no doubt that with online bike insurance has overcome maximum hurdles and has made the process user-friendly.
