March 2020 was when the lockdown was first announced and WHO declared COVID-19 as a global pandemic. Ever since businesses and individuals have suffered huge losses and insurance claims are at an all time high. Digital is expanding its footprint in every industry and the insurance industry is getting deeply impacted by the penetration of digital transformation.
The overall insurance market size in India is expected to be Rs 21 lakh crore in 2020-2021. Though the industry was expected to increase at a CAGR of 5.3% between 2019 and 2023,the current growth last fiscal was 9%. The growth was accelerated due to the pandemic.
As we all sit today, dreading the possibility of the 3rd wave, insurance companies have settled about 80%, or over 15.39 lakh, health claims, exceeding an amount of Rs 15,000 crore as of June 22 this year. To discuss on how digital and tech have now become a center stage for insurance industry, Smruti Gandhi, Director – Community Engagement & Executive Editor, Grey Head Media spoke to Sourabh Chatterjee, President & Head – IT, Bajaj Allianz General Insurance.
Sourabh Chatterjee is President & Head IT- Web Sales & Travel at Bajaj Allianz General Insurance for CIO Wall. He is responsible for digital strategy and delivering innovative solutions for the company. He also handles Web Sales and oversees travel channel for the company.