- What Digital Entrepreneurs Should Know About Insurance Companies
- What Digital Entrepreneurs Should Know About Insurance Company
- What Digital Entrepreneurs Should Know About Insurance Policies
- What Digital Entrepreneurs Should Know About Insurance Coverage
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The digital transformation within the insurance space has given birth to a new category of companies called insurtech startups. According to Tracxn, there over 142 insurtech startups in the country at present including unicorn Policy Bazaar along with several promising companies like Digit Insurance, Acko, Coverfox, Turtlemint, etc.
In the age of the internet of things, artificial intelligence, machine learning and other new age technologies, these start-ups are not just focusing aggregating products but also developing new products, streaming distribution and providing last-mile support to customers.
Considering the penetration level of the sector in the country is so poor, we at Entrepreneur India, decided to catch up with industry veterans on how these insurtech startups could leverage on this opportunity.
Unlearn Everything about Insurance
Insurance is one of the most complicated product and there is no ruling against this. From buying insurance to claim settlement, a customer is always in the dilemma on what is right process to go about it.
Hence, Mehmood Mansoori, Member of Executive Management and Group Head, HDFC ERGO suggests insurtechpreneur to forget everything they know about insurance and focus on the customer.
Elementary cohort 2019slcsd educational technology resources for teachers. “Insurance is a complex product. When you try to develop a solution keeping insurance in mind, you always make complex products. Instead of focusing on insurance, focus on the customer mindset,” he says while adding that, “When a consumer looks at insurance, all they want is ease of service or buying. The experience should be similar to buying from an e-commerce platform or transacting through a mobile wallet or watching content on OTT platforms.”
According to Mansoori, the moment an entrepreneur masters this, he or she is likely to end up in a different customer journey as against its peers.
Digital is the Key
Most of the problem in the insurance sector can be solved with a digital outlook. Like every industry, today insurance is also waling in the same direction. Amartya Sen the famous Nobel laureate and economist is of an opinion that the insurance sector is not adapting to the changes the way it should.
So in order to make a lasting impact in the insurance industry, Manik Nangia Director & Chief Operations Officer, Max Life Insurance says it is important to follow the mantra of ‘Being Customer First and Thinking Digital’.
“Digital disruption has changed the way financial institutions and businesses across the board are interacting with customers. Generating awareness of the value of life insurance products sooner rather than later is vital but understanding the fact that when human interaction is desired, digital channels are preferred, and how these preferences are influenced by demographic factors is also necessary. Businesses that will be able to strike this differentiation accurately will succeed in the future,” he noted.
Simply put, no matter what insurtech startups cannot afford to ignore customers and experiences.
Success in entrepreneurship isn’t just about your idea or your money. Plenty of people have interesting ideas or a lot of cash to throw around — and they never quite manage to find success in their ventures.
If you want to be an entrepreneur, take a step back and evaluate whether or not you have the following characteristics. (And remember: if you don’t have these traits now, you can develop them down the road to improve your chances of success.)
What Digital Entrepreneurs Should Know About Insurance Companies
1. Self-Motivation
One of the most important traits of entrepreneurs is self-motivation. When you want to succeed, you need to be able to push yourself. You aren’t answerable to anyone else as an entrepreneur, and that sometimes means that it’s hard to get moving without anyone to make you. You need to be dedicated to your plan and keep moving forward — even if you aren’t receiving an immediate paycheck.
2. Understand What You Offer
What Digital Entrepreneurs Should Know About Insurance Company
As an entrepreneur, you need to know what you offer, and how it fits into the market. Whether it’s a product or a service, you need to know where you fit in. That means you need to know when it’s time to tweak things a little bit. This also includes knowing whether you are high end, middle of the road or bargain. Being able to position yourself and then adjust as needed is an important part of entrepreneurship.
3. Take Risks
Successful entrepreneurs know that sometimes it’s important to take risks. Playing it safe almost never leads to success as a business owner. It’s not about taking just any risk, though. Understanding calculated risks that are more likely to pay off is an important part of being an entrepreneur. You’ll need to be willing to take a few risks to succeed.
What Digital Entrepreneurs Should Know About Insurance Policies
4. Know How to Network
Knowing how to network is an important part of entrepreneurship. Sometimes who you know is an important part of success. Being able to connect with others and recognize partnership opportunities can take you a long way as a business owner. Figure out where to go for networking opportunities and make it a point to learn how to be effective.
5. Basic Money Management Skills and Knowledge
We often think of successful entrepreneurs as “big picture” people who don’t worry so much about managing the day to day. And it’s true that you might have an accountant or other team members to help you manage the business. However, if you want to be successful, you should still have basic money management skills and knowledge. Understand how money works so that you know where you stand, and so that you run your business on sound principles.
6. Flexibility
To a certain degree, you need to be flexible as an entrepreneur. Be willing to change as needed. Stay on top of your industry and be ready to adopt changes in processes and product as they are needed. Sometimes, you also need flexibility in your thinking. This is an essential part of problem-solving. You want to be able find unique and effective solutions to issues.
What Digital Entrepreneurs Should Know About Insurance Coverage
7. Passion
Finally, successful entrepreneurs are passionate. They feel deeply about their product or service or mission. Passion is what will help you find motivation when you are discouraged and it will drive your forward. Passion is fuel for successful entrepreneurship. If you find yourself losing your passion, that might be the clue that it’s time to move on to something else (that stokes your passion). There are many serial entrepreneurs that create successful businesses, sell them, and then create something else.
As you consider your characteristics, think about how to better develop them to help you become a better entrepreneur.