Want to make a career in InsureTech industry? Here’s what you should know
InsureTech represents the intersection of insurance and technology in any form. It is an exciting sector to build a career and offers growth opportunities to bright and curious peopleUpdated: Jan 23, 2020 17:17 IST
InsureTech represents the intersection of insurance and technology in any form. It is an exciting sector to build a career and offers growth opportunities to bright and curious people. In an email interview with Hindustan Times, Sumit Bhatia, Head of Human Resources, SE2 India shares insights on the InsureTech industry, its growth and employment offerings.
Q.How is insurance a preferred choice of career for young aspirants and how dynamic is insuretech from traditional insurance?
Answer: Traditionally, the insurance industry has been conservative in using technology. Most of insurance organizations across the world have been in business for hundreds of years and have not been very comfortable in adopting to new ways of doing business. However, this is changing now. Technology is becoming a forefront in many ways and insurance organizations are open to reinvent themselves to be future-ready. This is where insuretech organizations come in. Insuretechs are using digital-first, customer-centric models to help reimaging how to sell and service insurance. With use of data analytics, machine learning, and artificial intelligence, insuretechs are helping insurance providers to take their business to next level.
To put things in perspective, globally, the capital invested in insuretech startups, and innovation reached $3.18 bn worldwide in 2018, almost double the $1.65 bn invested in 2017. This shows that globally, the need for accelerating the business with digital via insuretechs is evolving and growing. In India, with slow initial uptake, according to a 2018 IndiaInsure report, the insuretech revenues are on the rise and expected to hit over 1.1 mn in the next year.
For young aspirants, the growth projected by the industry and the prospects offered by insuretechs, the insurance sector surely becomes a great career option.
Q.What kind of educational/academic background is required to pursue a career in insuretech industry?
Answer: Insuretech organisations offers options in both domain and technology. For domain expertise, good understanding of insurance is essential - whether it is life, general, or other insurance. Further, within domain, one can deepen the knowledge on processing, servicing, analytics, underwriting, actuary, etc. For technology expertise, good understanding of basic software skills like .NET, C, C++, and Java is essential. Further, getting deeper knowledge on areas like robotics, artificial intelligence, machine learning, etc. is very important.
Q.In terms of skills, how according to you should students prepare themselves. Are there any tests or professional degree for which they require academic guidance?
Answer: For the above-mentioned knowledge areas, getting a professional degree (like in commerce, mathematics, or engineering) and certification (like in insurance, in .NET, or in actuary) further strengthens the knowledge and helps in the career.
Other than the academics and education, at SE2, we are on a constant lookout for talented and motivated people to help shape up the future of insurance services- innovative Business Process as a Service (BPaaS) and comprehensive third-party administration (TPA) services for life and annuity insurance carriers.
Skills like customer-centricity, effective communication and collaboration, complex problem solving, focus on quality, and innovation, one can grow their career at the top insuretech organizations.
Q. What are the growth prospects both professionally and at individual level for someone who becomes a part of the insuretech industry?
Answer: The insuretech industry in India is at a nascent stage. However, the uptake projected is very high. India will become one of the top market for insurance industry in the world. With the dynamics brought in by insuretechs, this growth will be faster than it may look like. Access to hi-tech solution software, helping an insurance carrier accelerate their business through technological advancements, and working with domain experts to develop something new every day are few of the key reasons that make insuretech an exciting option to build a bright career.