At building number 460 in Manhattan’s Park Avenue, Rajesh Makhija, Wyde.com’s CEO, lays out the company’s plans for recreating legacy solutions. The company continually creates software products and technologies which manage the policy administration processes for those wealth management and insurance companies.
Rajesh is already convinced that it is now time for Wyde to set its eyes on the big projects. Their new products will move the insurance sector to the digital era. His strategy involves looking at insurance buyers and how they want to be served digitally.
He believes that he can achieve revenues since the insurance companies are willing to spend money in order to go digital before the end of this decade. Wyde’s cloud may modify the manner in which an insurance or financial service is brought to the smartphone and recreate the back-end process in the companies.
Importance of technology
Each year, the fifty-five largest Indian insurance companies spend more than Rs 600 crore on insurance marketing. They also want insurance buyers to advance digitally. The top 10 insurance companies around the world are spending $3.6 billion in advertising and marketing, according to Statista.com.
Even though the sales force remains to be an important factor in getting insurance sold, technology is changing how it is sold. Now, policies could be personalized based from a buyer’s financial data. This is where Wyde intends to modify. Its engineers are creating solutions which will get the customers’ financial details online and recommend policies fitting their criteria.
He adds that his company is great at creating technology that manages back-end process, and that this will be a bridge for a company and its consumer.
With the growth in marketing spends, a corresponding growth in technology spends in order to improve policy buying is happening too.
The Indian insurance companies spent Rs 14,000 crore in 2015 on latest technologies, and this is projected to increase over the succeeding decade, according to Gartner Inc. Around the world, banking and finance industries are spending $2 trillion and more on technology. According to Gartner, the IT spending in these firms in the Asia Pacific region will get to $19.1 billion by 2017, a 4.7% increase from 2016. The insurance marketing is predicted to be a trillion-dollar opportunity.