Technology Shaping the Future of Insurance: Insights from Probus Director Rakesh Goyal

 Mr Rakesh Goyal, Director, Probus has been in the field of financial services since 1996, bringing utmost understanding of the market and sharp thinking that has been the reason behind Probus's continuous growth and success. Excelled in the fields of general and life insurance distribution, channel management and relationship management, he has implemented pioneering strategies for distribution and has helped build corporate relationships and management skills.

With the rapid rise of InsurTech in recent years, what role do you believe technology plays in shaping the future of insurance? How is Probus leveraging technologies like AI, ML, and Blockchain to stay ahead?

The rapid rise of InsurTech has dramatically reshaped the insurance industry, with technology playing a pivotal role in streamlining processes, enhancing customer experience, and driving operational efficiency. At the forefront of this transformation are emerging technologies like artificial intelligence (AI), machine learning (ML), and blockchain, which enable insurers to offer personalized products, optimize risk assessments, and ensure faster claim processing.

Probus, a leader in digital transformation, is leveraging these technologies to stay ahead in the fast-evolving insurance landscape. By integrating AI and ML into its core operations, Probus is automating routine processes such as document handling, compliance checks, and customer interactions, which not only increases efficiency but also frees up resources for higher-value strategic tasks. Probus has also implemented Generative AI to automate policy renewal processes, ensuring that clients are engaged early, which enhances retention rates and reduces policy lapses.

One standout example is how Probus has revolutionized vehicle inspection and damage assessment using ML. Historically, these assessments were manually conducted, prone to human error, and time-consuming. Probus' AI-driven approach evaluates images to assess damage, delivering faster and more accurate repair estimates—an essential advancement for the Indian market, where speed and reliability are key to customer trust.

By adopting a proactive, technology-first approach, Probus not only meets modern consumer expectations but also sets new benchmarks for operational excellence in the insurance industry. Blockchain, though not detailed here, would likely follow a similar trend by ensuring transparent, secure, and tamper-proof records, further enhancing trust in digital transactions. Probus' commitment to these advancements reflects its strategy of staying ahead of industry trends and leading the future of insurance.

The InsurTech space is highly competitive. What differentiates Probus from other InsurTech players in the market, especially in terms of customer acquisition and retention?

Probus differentiates itself in the competitive InsurTech space through its technology-driven approach, personalized services, and innovative product offerings. By integrating AI and machine learning, Probus streamlines customer acquisition with tailored insurance plans based on data-driven insights. Automated renewal processes and AI-powered claim management ensure proactive engagement and faster resolutions, significantly enhancing customer retention and satisfaction.

Insurance is often seen as a complex product for consumers. How does Probus simplify the insurance purchase process for customers, especially through your digital platforms?

Probus simplifies the insurance purchase process by leveraging its digital platforms, including its mobile app and website, to make insurance more accessible. Customers can easily compare and buy policies online, eliminating the need for complex paperwork. Additionally, Probus' self-inspection service for car damages allows policyholders to assess and report vehicle damage via the app, expediting claims without requiring physical inspections.

Can you shed light on the importance of data analytics in understanding customer behaviour and its role in shaping your future product offerings?

Data analytics plays a crucial role at Probus by helping understand customer behaviour and preferences, which informs the development of more personalized insurance products. By analyzing customer data, Probus can anticipate emerging needs and offer tailored solutions, ensuring that future offerings are aligned with consumer demands. This data-driven approach also helps improve customer engagement and product innovation.

What challenges do InsurTech companies face when building consumer trust, particularly in regions with low insurance penetration?

Building trust among consumers, especially in regions with low insurance penetration, is a challenge InsurTech companies like Probus face. To overcome this, Probus focuses on simplifying insurance products, offering low premiums, and creating awareness through grassroots-level campaigns. Collaborations with local partners and outreach to underserved communities ensure that Probus can provide affordable, relevant insurance solutions while promoting financial inclusion.

The integration of fintech and InsurTech is becoming more prevalent. How are these sectors working together to offer more comprehensive and personalized financial products to consumers?

The integration of fintech and InsurTech is enabling more personalized and comprehensive financial products by combining financial services with insurance offerings. For instance, Probus is exploring usage-based insurance models through telematics, which can be paired with fintech solutions to offer tailored financial products. This collaboration ensures that consumers receive holistic financial coverage, improving convenience and accessibility.

How is the rise of Internet of Things (IoT) devices influencing the future of insurance policies, especially in areas like health, auto, and property insurance?

The rise of IoT devices is revolutionizing insurance policies, particularly in health, auto, and property insurance. At Probus, IoT integration, such as telematics, allows for more personalized insurance premiums based on real-time data like driving behaviour or health metrics. This shift towards data-driven, usage-based policies benefits consumers by offering more accurate and fair pricing while encouraging responsible behaviour.