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    How usage of apps are shaking up the GI industry

    Synopsis

    Insurance – it is one of the fundamental investments that we need to make.

    How usage of apps are shaking up the GI industryET Spotlight
    Insurance – it is one of the fundamental investments that we need to make. Whether it is for the car we drive, the phone we use or our life, insurance has been one common protection plan we have. However, the way we look at insurance has been changing constantly, especially in the recent times. What was once perceived to be a process full of paperwork, now takes just a few clicks. The development in technology has helped the general insurance industry evolve. This, combined with the increasing trend of mobile usage, is allowing insurers to use mobile apps to interact with customers and has truly reformed the workings of the industry.

    India’s potential for Mobile Apps Market
    India’s potential for Mobile Apps MarketET Spotlight
    India’s obsession with smartphones and mobile apps has been on the rise. According to a 2017 data*, 281 million people in India use mobile internet every day. Online mobile app data market company, App Annie, recently named India as the world’s fastest-growing market for mobile applications on both the Apple iOS and Google’s Android Play Store. This report was backed by revenue studies as well as the date on maximum downloads of apps, and highlighted the potential that mobile applications hold in every industry.

    The Startling growth of Insurance
    The Startling growth of InsuranceET Spotlight
    Insurance has always been a go to investment tool for millions of Indians and there are several reports that the industry is growing at an impressive rate. According to an Assocham-APAS study, the insurance industry is expected to grow to USD 280 billion by 2019-20. The penetration of this industry has reached 3.7% in 2017, compared to the 2.71% penetration in 2001. These numbers already indicate at the growth potential that we hold. And if there is one area of insurance that has seen some monumental growth, it has been the automobile sector. With the number of car owners in the country increasing, car insurances have become a significant contributor to this growth.

    The compulsion and the choice
    The compulsion and the choiceET Spotlight
    Even though car insurance has been mandatory, people are becoming increasingly aware about the importance of choosing the right plan, according to their requirements. A car is not just a mode of transport, but plays a significant role in keeping us and our families safe and comfortable in travels. It has become a necessity for many, who enjoy the convenience as well as the freedom that it offers. And when it comes to its protection, more and more people are making informed choices.

    Car Insurance & Mobile Apps
    There are several factors that people consider while making the informed choices in selecting the right car insurance. One significant factor that everyone considers has to be the convenience of the claim process. The rising mobile usage and the need for convenience, has been taken into consideration by insurance companies like Reliance General Insurance . This has resulted in the development of apps like Reliance SelfI, a smart mobile app. This mobile application eases the claims proves significantly with features like live video calls assistance with claim advisors, renewal of policies with just a tap, quick access to nearby garages, hospitals etc. The Reliance Selfi App also allows users to track the claim/service status real time. The mobile app also allows users to safely store all their policy and other important documents like Driving License, RC Book, etc. in an E-Doc vault, which is easily accessible.

    The impact on general insurance industry
    The impact on general insurance industryET Spotlight
    This entry of mobile applications in the insurance industry has already shaken up the way this sector functions. The alleged drawbacks of paper works and lengthy procedures have now become all the more convenient, and is just a tap away. Considering the potential of mobile applications in the country as well as the prioritization of comfort and convenience, their entry into the insurance market has been ground breaking. This move is bound to play a crucial role in increasing the penetration of insurance as well as making the entire process much smoother.

    This becomes especially convenient in car insurance, as getting claims assistance in case of an accident is just a live video call away. The ease of finding nearby garages in case of a breakdown also adds to the ease of the car owners. Reliance Car Insurance also offers comprehensive damage cover and other add-on packages that assure complete protection of your car as well as the people using it. With all these features and the convenience of Reliance Selfi, Reliance General Insurance already has upped the game of India’s general insurance industry.

    *Source: Internet and Mobile Association of India

    (This article is generated and published by ET Spotlight team. You can get in touch with them on etspotlight@timesinternet.in)

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