Riddled with heavy jargon and tiresome paperwork, insurance has long been perceived to be a drab subject by the common man. Not to mention, the process — from the selection of scheme to claim settlement — has traditionally been too tedious and time-consuming for the consumer, who often needs to rely on an agent or a financial planner.

The future of insurance, though, promises to be less complicated and more user friendly, thanks to technology. This intersection of insurance and technology, called InsureTech, is set to disrupt all aspects of insurance. With the integration of technologies such as data analytics, AI, machine learning, automation etc. InsureTech is predicted to transform the landscape of insurance much like what FinTech did for the finance industry.

InsureTech is being touted to be no less than a revolution. For starters, it is eliminating administrative costs and, thus, driving a downward trend in prices. Claims processing tools, online policy handling and automated processing, on the other hand, are improving the customer experience for the layman. InsureTech is even challenging basic insurance business models, especially in favour of customisation. Imagine a future where motor insurance premiums will be based on your individual driving style, health insurance will be personalised according to your fitness tracker data, businesses will benefit financially from the data generated through real-time monitoring of equipment...

Such dizzying applications of technology might give the impression that insurance is a creation of, and for, the modern age. But this instinct to extend aid to unfortunate members is as old as society itself, and the journey to the future of insurance merely resembles its exciting history. The video below to shows the surprisingly old history of insurance.

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As the video above shows, InsureTech is yet another of example of how insurance has kept up with change in society. Companies such as COCO, by DHFL General Insurance, are realising the potential of InsureTech in India. A digital-first platform, COCO makes use of new-age algorithms and technology to make the insurance purchase process simple, customised and less time-consuming. Its AI and machine learning solutions, for example, work in the background to provide hyper-localised and customised suggestions to each visitor on its platform.

COCO sells directly to its customers — no commissions, middlemen, intrusiveness or lack of transparency — and, thus, offers lean products perfectly suited to the customer. It, moreover, offers a deviation from mass-market insurance with its fluidic insurance, which can be customised down to the last need. Even its add-on covers are tailored to individual needs. In their quest to simplify and customise insurance, InsureTech companies such as COCO are only bringing the ancient wisdom of insurance closer to its original, centuries-old, purpose — to protect and support policyholders. To know more about COCO, click here.

This article was produced by the Scroll marketing team on behalf of COCO by DHFL General Insurance and not by the Scroll editorial team.