Navigating the Unorganized Sector Through Digitalization in Insurance Industry

Abstract

Insurance is a very vital financial tool, which plays an important role in supporting our economy and people in times of dire need. Nowadays, insurance becomes one of the most important aspects of social security schemes. Government, and the insurance regulator have been working towards reaching out to the customers at the base of the economic pyramid. Products and processes were simplified and customized as per the needs of customers. With the help of transparent digitized processes and easy accessibility of products to the people, insurers are able to cover the most vulnerable sections of the society, the unorganised sector.Digitalization is a new force that is driving transformation in all sectors, including the insurance sector.  For insurers, digitalization changes the entire landscape of insurance. New digital innovations and technologies are changing the way customers interact with insurers.As people belongs to unorganized sector almost don’t have any social security schemes from their employers, they prefer insurance as the main social security to them. Through this paper, author tries to insist the importance of digitalization in insurance industry to the unorganized workers.