With Tech In Our DNA, We Are Going To Lead: Devendra Rane
On the relevance of the company ten years from now
We are an insurance aggregator and started about four years ago when insurance was mostly sold over the phone and through call centres. It will be extremely relevant in the next decade. The insurance landscape has had changes, from state-owned firms like the LIC to the emergence of private players.
Now we are in a situation in which distribution of insurance through a human-led force is very costly. So we are talking about much cheaper products, which are time-based. Insurance premiums are going to go low and insurance plans are going to get simplified. The only way to do that is to distribute it online, which is easy to understand (for consumers). It is the way to go. With technology in our DNA, we are going to lead the way in the future.
On the future of the business
The Prime Minister is soon going to announce the Ayushman Bharat Yojana, which will offer a Rs 5 lakh cover to 50 lakh families. Because of the government push, it is going to be a gamechanger (for us) as we are going to get many policies.
On the impact of new-age ideas like A I and Blockchain on the business
As soon as insurance companies start adopting Blockchain, it will start helping us in distribution. At present, there are no easy ways to claim processing. With Blockchain, technology will be at a point where as soon as an incident happens, it is recorded and claims automatically get initiated. Artificial Intelligence is something in which we are heavily investing in and focusing on the operations part of it. We will soon start focussing on the acquisition part of it too.
On technology shrinking employment opportunities
While some mundane jobs might get eliminated, it (technology) will lead to an industry where there will be a lot more meaningful and high-skilled. For example, education is getting transformed with a lot of AI. So, I think the overall quality of skill will increase.
