In this episode, Michael Waitze talks to Amit Naik, CEO & co-founder of MetaMorphoSys Technologies, a SaaS-based digital insurance platform. The Indian startup has developed an end-to-end platform that takes care of the entire value chain for insurance incumbents. Amit started his career in the insurance industry with IT provider Majesco in 2001 and later worked for Indian startup C2L BIZ before starting MetaMorphoSys in 2016.
Michael and Amit talk about why insurance penetration in India is historically so low and what makes the insurance industry ripe for disruption now. Startups are playing a major role in designing the future of insurance as they challenge the incumbents to rethink their business models. Neo-insurers have developed a new generation of products and services that are super flexible and in line with the lifestyle of customers in a digital, highly connected world. What stops incumbent insurers from doing the same is often their IT infrastructure that does not allow the fast launch of flexible products.
But it is not only about launching new products. In order to offer easy to understand products and convenience to customers and enable agents to leverage digital sales tools, the entire value chain needs to be digitized. Amit shares his views from customer acquisition to digital claims and explains how APIs and open platforms can help insurers transform their business model and become a digital player.
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