In India, insurance has transformed to become a digitally driven buyers' market from being a sellers' market, industry chamber CII has said.
It cited a report prepared jointly with British professional service firm Ernst and Young.
"Insurance in India has moved from being a sellers' market to that of a digitally driven buyers' market," said the report titled 'Insurer of the Future'.
"Technology will power the new wave of change for the Indian insurance industry," the Confederation of Indian Industry said in a statement in the national capital.
"The customer is at the centre of digital transformations across the value chain and the report recommends pursuing technology to improve the traditional insurance process and to re-configure the insurance business model," it said.
Stating that Internet of Things (IoT) can play a vital role in evaluating and pricing the risk of loss, the report said Robotic Process Automation (RPA), that replicates human behaviour and performs non-judgemental sequence of activities, can help insurers to automate client servicing activities.
"Insurers, through collaboration with third party data service providers can make informed strategy and policy related decisions for insurance risk-management and fraud monitoring," the CII said.
"Insurance bundling on e-commerce platforms has enabled greater customization in product and pricing thereby targeted marketing to customers," it added.