Where PSU General insurance Companies stand-up in Technology: A Perspective

Private insurance companies in India are more technologically advanced than Public Sector Undertaking insurance companies (PSUs). This is partly due to the fact that PSUs are government-owned and operated.

Private insurance companies have been quicker to adopt new technologies to improve their customer experience, operational efficiency and product innovation. They have been more responsive to changing customer needs and have introduced a wider range of innovative products.

PSU Companies have traditionally relied on branches and human agents to sell and service policies. They are more cautious about introducing new products.

Here are some specific examples of how private insurance companies are using technology to differentiate themselves from PSUs:

· Chatbots to provide customer service and support and even generate personalized quotes.

· Artificial intelligence (AI) to improve underwriting and claims processing capabilities.

· Blockchain technology to streamline the operations and improve security.

· Big data to better understand the customers and develop new products and services.

· Private insurance companies are partnering with wearable device companies to offer discounts and rewards to customers who use wearable devices to track their health and fitness.

Overall, PSU insurers are making progress in terms of technology adoption and product innovation. New India Assurance has launched a mobile app that allows customers to purchase and renew policies, as well as file claims.

Despite the gap in technology, PSU insurers still have a significant advantage in terms of market share. They account for around 60% of the Indian insurance market.

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