Business Standard

Insurance brokers battle for survival as they lag behind in the tech race

The challenge for everyone is how to fend off competition from insurance companies and the sweep of technology, making their business models irrelevant


Subhomoy Bhattacharjee New Delhi
Ride-hailing competitors Uber and Ola rolled out competing rider insurance products this week through tie-ups with insurance companies. 

At the same time, insurance broker Marsh has demonstrated another example of using blockchain to make it easy for clients, carriers, and brokers to share real-time information and feedback on how to book and hold the best insurance covers. 

Changes in technology and marketing are cutting the ground from the feet of India’s more than 400 insurance brokers. So it is difficult for them to celebrate the liberalisation of rules to allow 100 per cent foreign direct investment (FDI) in their sector

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First Published: Sep 28 2019 | 10:51 PM IST

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