| |September 20178CIOReviewUsing Technology to Improve Customer Engagement and Increase Health Insurance PenetrationBy Antony Jacob, Chief Executive Officer, Apollo Munich Health InsuranceApollo Munich Health Insurance company is a trusted provider of health, travel and personal accident plans for individuals, families and corporate groups. Apollo Munich Health Insurance is a joint venture between Apollo Hospitals Group and Munich Health, Munich Re's newest business segment. IN MY OPINIONechnology in its multitude of forms, has taken over our lives, as people not only use tech devices for communication but also for entertainment, education, shopping, etc. Companies across a gamut of segments including Retail, IT, Banking, FMCG, etc.are adopting technology to enable faster output, better customer service and sustainable business models. The insurance industry in the country has started making inroads into using technology to increase the service standards while enhancing the overall customer experience. Technology is also helping to increase the health insurance penetration by empowering advisors with easy to use technical solutions. Advanced technologies set to spur a fundamental transformation of the insurance industry include cloud computing, advanced analytics, mobile phones, digital platforms and artificial intelligence (AI). These are expected to help insurers determine new ways of engaging with customers and reduce cost, improve efficiency, and expand insurability.This shift towards technology solutions is being led by Millennials. Millennials, whose exposure to digital technology and innovative platforms from an early age have made them the first generation of "digital natives". They are beginning to move into their peak earning and spending years and have become an influential segment of the population. Their high expectations for technology-based services, convenience, transparency, speed, regular engagement, and a personalized experience that reflects their needs are defining how products and services are delivered. Their preferences and expectations are a particular challenge for the insurance industry. This is how the early adopters of technology in insurance sector are bringing about a paradigm shift - · Technology is enabling insurers to create new avenues to enhance the customer experience at every touch point while increasing customers' loyalty towards the company. With the help of technology, insurers have developed mobile applications that not only partner with customers in good health, but also come in handy at the time of finding the nearest hospital or filing claims. T
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