Synergy Strategic enters Indian insurance segment with consulting, tech solutions

APAC region, Hong Kong-headquartered Synergy Strategic Solutions has entered the India market to provide management consulting and technology solutions to insurers.

Pradeep Satya, co-founder and CEO of Synergy Solutions, observed that the current pandemic had started to transform the insurance sector from a “sell or push” industry into educating consumers to “buy” insurance.

The company is working closely with insurers to provide cutting-edge technology.

Listing the top three challenges for insurers, he said, “It is into upgrading legacy products, applications and processes; providing digital solutions using smart automation and commercialisation of data; focusing on data protection and cyber security, and adhering to evolving regulations.”

“Technology adoption in the banking and finance space has been rather widely adopted, (while) insurtech solutions are yet to gain momentum among domestic insurance players,” he said, adding that such solutions though widely prevalent in the APAC region were still new to India.

The firm’s entry into the India market is in line with its expansion plans to strengthen its operational presence in the APAC region across Hong Kong, Singapore, Japan, Malaysia, Indonesia and Philippines.

Synergy set up its knowledge and development centre at Bengaluru in 2015. “It was therefore, natural to expand our offerings to the Indian market; it is one of the most promising markets and we expect the India market to contribute close to 50 per cent of our total revenues in the next 24 months.”

“Traditionally, insurers adopted a ‘product push’ approach with a strong focus on distribution. However, the current landscape makes it imperative for them to keep customers at the core of their strategy, leverage technology to create integrated products and personalised customer experiences.

“Automation, coupled with low code solutions, would help insurers reduce costs and build efficiencies. Frauds can be detected by building intelligence capability into the data.”

Drawing inference from a Morgan Stanley report, he said, “India’s 670 million internet user base is expected to surge to 914 million by 2027; and the overall insurance market is expected to touch $200 billion to $250 billion by 2025, growing at 15-18 per cent annually, over the next five years. Demographic factors such as growing middle class, young insurable population and growing awareness for protection and retirement planning will drive growth.”