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The adoption of ChatGPT, Web 3.0, public blockchain and other technological applications can help the insurance sector to innovate, according to Mr Debashish Panda, IRDAI chairman.
Speaking at the Indian Venture and Alternate Capital Association Conclave 2023 on 21 February, Mr Panda focussed on the potential for innovations in InsurTech, reported Moneycontrol.
He said that India is moving towards personalised and instant insurance, highlighting the use of modern technologies including ChatGPT, Web 3.0, and public blockchain to build such offerings.
He added, “Times are changing. We will be venturing into a world of continuous underwriting and seamless insurance.”
“ChatGPT, which is one of the classic disruptions, the popular AI chatbot amassed over 100 million users in just about two months and it’s already changing the way the world functions,” he said.
Web 3.0 will soon be a reality and India and has a lot to offer there, he said.
“Public blockchain will further enable insurance smart contracts to contain all information in the book that would be designed to monitor live data and react accordingly, triggering an instant payout in real time,” he said.
He explained, for instance, drivers will see how the insurance costs fluctuate — depending on the route they travel, the state of the roads, etc.
As a result of highly tailored insurance, companies will be able to quickly handle massive data sets from several sources using quantum computers, revolutionising risk modelling and decision making, he said.
He added, “The world is also becoming more and more digital with India being a pioneer in tech and digital. India stack, UPI, aadhar, and the account aggregator, all put together are a base for financial services. What used to take days, is now being done in seconds.”
He added, “Young millennials and Gen Z want everything on a tap and it has to be flexible, both in terms of what is covered and how they pay. They are looking for products that they can customise to their specific needs.
“Change is also coming from a very non-millennial cohort. Older people are living longer and expecting more out of their time. And that’s causing a new financial and care challenge. There is a need to create more flexible retirement plans.”
