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Banking & Insurance

In Line with Digitization…Indian Banks and Insurance Co. Go Increasingly Digital

The push for digitization in India by Prime Minister Modi is certainly having the desired impact. The Indian banking and insurance sector are toeing the line and have gone digital to get a direct connection with the consumer. This was one of the observations made by Sandie Overtveld, Vice-President Sales for the Asia Pacific at Zendesk, a customer service software company based in the US.  

The top official stated that greater emphasis was being placed by the Government of India on establishing direct connect with the citizens marking a major shift from its erstwhile bureaucracy. His comments were based on the fact of their organization creating about 2000 Indian customer portfolios over a period of two years. As per his estimations, Indian insurance companies would prefer 25% of the total business through direct customer connect so that they could avoid relying totally on the agents and sales advisors.

He further remarked that digitization is being embraced by traditional businesses too in spite of having a few trepidations. The realization of losing their market share if they failed to establish direct customer connect has become the main driver for them to introduce digitization in their businesses. 

Overtveld said that the government focus on engaging citizens was promoting commercial businesses to increase their customer reach for an increased market share. He stated that it was quite apparent that Prime Minister Modi was the driving force behind the big boost to digitization in the country and they were all for being a part of this digital economy.


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