Human-Machine Collaboration in Insurance – Insights by Rakesh Jain in ET

Published By: Economic Times​

Published Date: NA

Rakesh Jain, CEO of Reliance General Insurance, highlights how human-machine collaboration is transforming the insurance industry. Two decades into the 21st century, the sector has faced numerous challenges, including a pandemic and climate change impacts, which have disrupted daily life and heightened health risks. The insurance industry has evolved from a product-centric approach to a customer-oriented model. Artificial intelligence (ML), machine learning (ML) and Internet of Things (IoT) technologies now help insurers understand customer needs better and deliver expert services efficiently.

Telematics is driving increased customisation in insurance products. With growing internet penetration, insurers use telematics to offer tailored products. Process efficiencies have improved significantly, addressing the industry's traditional long lead times caused by repetitive tasks typically handled by humans. The deployment of business process automation technologies like robotic process automation (RPA) has eliminated redundant processes and improved accuracy, making insurance more accessible 24/7 and elevating customer experience.

Looking ahead, Jain explores how emerging technologies will further transform the industry. As we transition to a Web3 world, distributed ledger technology and blockchain-based processing will need implementation. Regulations that enhance insurance penetration and address data standardisation are crucial, as will be the integration of modern technologies to increase digitalisation.