ICT in Insurance Industry in India 2012
17 Jul 2021
ICT & Telecom
Impact Analysis on the Growth of Market
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ICT adoption in Insurance Industry is expected to witness a dynamic growth in the ensuing years. Currently, the adoption of ICT in insurance industry is undergoing through a dynamic growth rate owing to the growing complexities arising from huge customer base. Insurers primarily implement technology in the areas of customer service, data analytics and process management.
With the ongoing growth in customer base and daily transactions, insurers in India are gradually shifting their focus towards the adoption of ICT oriented tools, services and platforms. Till now, the ICT adoption in insurance industry has occurred in a phased manner, wherein it has exhibited a steady but impressive growth rate over the years. ‘Judging by the current scenario in the market, ICT spending by insurers in India stood at INR 76.17 bn in 2011 and is anticipated to grow at a CAGR of around 14% till 2015,” says Mr. Kalyan Banga, Product Manager at Netscribes. Maturing along with technology standards, the current ICT landscape within the insurance industry can be associated with rising demand and cut throat competition amongst the ICT vendors. Types and attributes of the solutions that experiences the most demand within the insurance sector have also changed over the years. “Primarily, technologies focused to provide better customer services are preferred the most. Analysis of colossal amount of data and information along with generating insights from these data are also experiencing exponential surge in demand. Advancement in the field of mobile technology and the immense popularity of social networking sites has also grabbed the attention of industry significantly,” noted Kalyan.
The report begins with a snapshot of the insurance industry which briefs about the facts and figures of insurers operating in India. It lists down the number of insurers operating in the sector along with the segmentation of public and private insurers. Hierarchy of the Indian insurance industry is well illustrated for which gives a brief highlight about the operational model of the industry. It also enlists the primary drivers and challenges for the overall insurance industry. “Primary reasons to propel the market forward comprises of young consumer segment, wide range of products, technological advancement and growing middle class, whereas the basic challenges faced by the sector are the tight premium rates and dependence on overseas re-insurers,” says Kalyan. Moving along the report features a section on the ICT in Insurance wherein the growth rate and spending on ICT is enlisted in great details. “IT spending basically comprises the costs associated with hardware, software and services while the telecom services mainly includes support and services,” added Kalyan. The report covers an explicit break up of IT expenses of insurers in terms of hardware, software and services.
This section is followed by the Key Technology section which enlightens the readers about the major tools and services currently being used. For the better understanding of these tools, architectural diagrams have also been included. Further, the government initiatives pertaining to technology have also been listed to give a brief idea about the main functional areas bounded by regulations. Technological barriers and benefits prevailing in the industry have been covered under the drivers and challenges section.
Trends identified in the technology domain have been summarized in the following section named, trends in the insurance industry. “As of now, the trend in the sector is to target the mass audience, facilitate seamless flow of data within the company and reducing the total cost of ownership,” noted Kalyan.
Key ICT vendors have been profiled in details within the report which enables readers to get a clear picture of the current competitive scenario. The section lists the basic details of the players such as corporate information, business highlights and key members. The section also features financial analysis of all ICT players which in turn provides us with the financial health of players. To derive at a better understanding of these companies, SWOT analysis of individual companies has also been included.
Moving along the report features a section on IT landscape of India insurers which has been derived after an extensive primary and secondary research and analysis. The section talks about the IT infrastructure of all insurance companies operating in India. Technology implementation portion in this segment lists down all existing IT infrastructure in great detail.
The report concludes with a section on strategic recommendations which comprises of an analysis of the growth strategies of the digital camera market in India.
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2. Tata Consultancy Services Ltd.
3. Wipro Ltd.
4. CISCO Systems (India) Pvt. Ltd.
5. Computer Sciences Corporation India Pvt. Ltd.
6. Hewlett Packard India Software Operation Pvt. Ltd.
7. IBM Global Services India Pvt. Ltd.
8. Microsoft Corporation India Pvt. Ltd.
9. Newgen Software Technologies Ltd.
10. Oracle Software India Pvt. Ltd.
11. Planet Soft Systems Ltd.
12. Red Hat India Pvt. Ltd.
13. Talisma Corporation Pvt. Ltd.
14. Teradata India Pvt. Ltd.
15. VMware Software India Pvt. Ltd.
16. Aditya Birla Financial Services Group
17. Agriculture Insurance Company of India Ltd.
18. Aon Global Insurance Brokers Pvt. Ltd.
19. Bajaj Allianz General Insurance Company Ltd.
20. Bharti AXA General Insurance
21. Cholamandalam MS General Insurance
22. Export Credit Guarantee Corporation of India Ltd.
23. General Insurance Corporation of India
24. HDFC ERGO General Insurance Company
25. ICICI Lombard General Insurance Company Ltd.
26. IFFCO TOKIO General Insurance Company Ltd.
27. Liberty Mutual
28. L&T General Insurance Company Ltd.
29. National Insurance Company Ltd.
30. New India Assurance Company Ltd.
31. Oriental Insurance Company
32. Raheja QBE General Insurance Company Ltd.
33. Reliance General Insurance
34. Royal Sundram General Insurance Company Ltd.
35. TATA AIG General Insurance Ltd.
36. United Insurance Company Ltd.
37. Universal Sompo General Insurance Company Ltd.
38. Aviva India Life Insurance
39. Bajaj Allianz Life Insurance Company Ltd.
40. Bharti AXA Life Insurance Ltd.
41. Birla Sun Life Insurance
42. Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.
43. DLF Pramerica Life Insurance Company Ltd.
44. Future Generali India Life Insurance Company Ltd.
45. HDFC Standard Life Insurance Company
46. ICICI Prudential Life Insurance Company Ltd.
47. IDBI Federal Life Insurance Company Ltd.
48. IndiaFirst Life Insurance
49. INGVysya Life Insurance Company Pvt. Ltd.
50. Kotak Mahindra Old Mutual Life Insurance Ltd.
51. Life Insurance Corporation of India
52. Max New York Life Insurance
53. MetLife Indian Insurance Company Ltd.
54. Reliance Life Insurance
55. Sahara India Life Insurance Company Ltd.
56. SBI Life Insurance Company Ltd.
57. Shriram Life Insurance Company Ltd.
58. Star Union Daiichi Life Insurance Company Ltd.
59. Tata AIG Life Insurance Ltd.
60. Apollo Munich Health Insurance
61. Max Bupa Health Insurance Ltd.
62. Paramount Health Services (TPA) Pvt. Ltd.
63. Star Health And Allied Insurance