| |November 20228THE RISE OF THE INSURTECH ECOSYSTEM FOR FRICTIONLESS CONSUMER JOURNEYBy Saurabh Tiwar, Chief Technology Officer, PolicyBazaar.comSaurabh is a leader, who brings insight from both technical and business perspectives in the field of Information Technology and has an extensive experience in the area of software pre-sales, product management and development.nsurance has traditionally func-tioned through various offline channels. However, it has now evolved to a great extent and the technological innovation is tak-ing it to greater heights. It is all about offering an array of consumer-centric prod-ucts and further customises them to effectively cater to their needs. However, insurance sector is still evolving to make consumer journeys even more frictionless, which is leading to the rise of an InsurTech ecosystem where insurance and technology converge. Today, technology's crucial role comes into play right from identifying the consumer to predicting their needs pre-emptive-ly to offering the right product to them.The last two years, with multiple lockdowns and social distancing norms, have made it crucial to improve the efficiency of digital channels with personalised service in the insurance sec-tor. As per the Capgemini and Efma's 2021 World Insurance Report, an overwhelm-ingly three-fourth of patients and pol-icyholders expect insurance providers to understand their needs and expec-tations, while 84 percent feel that they would prefer insurance providers that `treat them like a person and not a number'. Around 80 percent of the respondents said that immediate re-sponses to their requests are im-portant to gain their loyalty.Expert OpinionISaurabh Tiwar, Chief Technology Officer
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