| |September 20168CIOReviewBy K.V. Dipu, Head-Operations, Bajaj Allianz General InsuranceOPINIONCan you imagine a leaky pipe in your home fixed by your insurance company when you are away on vacation in Maldives? Can you imagine a 72-hour insurance for your hiking gear when you are planning a trip to Kodaikanal? Welcome to the new, exciting world of insurance technology!On-off insurance (miniaturization and customization made possible by technology): Considered a drab, regulated industry hitherto, the insurance industry is on the cusp of a revolution or disruption. For starters, let us look at Trov, which has made an exciting debut in some advanced markets. The app allows you to tap on / off insurance for the period and items you choose ­ switch "on" insurance coverage for your beloved beach gear when you go to Goa on Friday evening, turn it off when you return to Bangalore on Sunday evening. When you plan your next vacation at Munnar, turn on insurance coverage for your hiking boots and off again once you are back in Bangalore. And if you need to file a claim, just get into a text-based conversation! Simple and exciting, isn't it? Sounds so much more exciting than a vanilla, static home insurance cover!Telematics (shift from asset-based insurance to a combination of user and asset-based insurance, made possible by technology): A doctor who is a teetotaller and a student who loves partying buy cars at the same time. When they try to sell it a few years later, not surprisingly, the doctor wins hands down in terms of bagging a better resale price. Pray, why should the insurance coverage not be different? This is where telematics or usage-based insurance comes in. While your insurance premium depended solely on the car till now, in the future, it is very likely to be a combination of information on the way you drive and the shape of the car. The less risky your usage, the better the price!Leveraging social media (usage of online behaviour, made possible by technology): A start-up in US & Spain applies your online reputation (such as comments on your tendency to break things frequently by your Airbnb hosts) to assess risk when you approach companies for home insurance, for instance! This isa real case of the power of technology, which enables a correlation between information gleaned Technology -A key enabler in the insurance sectorIN MY
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