Legacy insurers can't go digital overnight, says Oracle's Prasad Rai

The pandemic has changed the way legacy insurance firms conduct business, even as it throws up concerns on coverage terms. Some products were seen as too complex to be hawked or serviced through digital modes without insurance agents. Insurers will also need to introspect and bring about changes internally, according to PRASAD RAI, vice-president, Global Strategic Clients Group at Oracle, who spoke to Raghu Mohan. Edited excerpts:

How has Covid-19 influenced digital transformation in the insurance sector?

It has accelerated digital transformation, and in a matter of days, almost everyone was working remotely. This was an alien concept in the