What is next for Insurance Distribution?

In today's fast-paced world, the only constant is rapid change. While change has been a buzzword across all industries, insurance was often perceived as slow and unyielding due to its complex regulatory environment and the nature of its products. However, the last decade has turned this perception around.

- Sumanas Kar, Venkat Malladi

In today's fast-paced world, the only constant is rapid change. While change has been a buzzword across all industries, insurance was often perceived as slow and unyielding due to its complex regulatory environment and the nature of its products. However, the last decade has turned this perception around. The insurance sector has seen significant tech transformation, product innovation, the emergence of new forms of insurance, and the proliferation of players.

What defined the last decade in terms of tech adoption for insurance, and what will take precedence in the next decade? Sumanas Kar, Regional Director for India and South Asia Sales at Vymo, and Venkat Malladi, co-founder and CTO of Vymo, catch up over coffee to discuss the tech trends in insurance, especially from a distribution perspective.

The Last Decade of Tech Adoption in Insurance

Sumanas: "Venkat, you've worked with some of the largest insurance organizations in the past decade. How would you summarize this decade in terms of tech adoption?"

Venkat: "The primary differentiator for insurers was the products they had in the market. Hence, the initial focus was to invest in tech to help align their core processes-underwriting, claims, and so on-with a primary focus on risk. Additionally, creating leads and opportunities led most large organizations to invest in CRM systems, focusing mainly on pipeline management. Once this component was fixed, the focus shifted towards customer experience and, to some extent, seller experience."