Recipe for total transformation

The insurance industry has found the recipe to energize every lethargic aspect of its business:

In today’s digital era, technology-driven innovations have become a strategic priority for businesses to meet growing consumer expectations. Nothing underlines this tech-driven prioritization better than the insurance sector. Insurers are today evolving and reinventing themselves before possible disruption arising out of emerging technologies coupled with an increasing number of insurance startups.

The one thing all insurance industry leaders empathically agree upon is that technology in the sector is no longer growing linearly; rather it is growing exponentially. Insurtech is no longer a distant buzzword – it is a reality.

SCOPE OF INSURTECH

If Insurtech is limited to innovations in products, services, underwriting, claim processing, etc, it may not be the silver bullet. Insurtech in the true sense represents a change in mindset for insurers to become more innovative in their everyday business. Insurtech when incorporated as a philosophy is what can drive insurers to increase their popularity with new generation of customers becoming highly customer-oriented, cost-effective with operational excellence offerings.

So just as retail banks and their collaboration with technology-driven fintechs made them look beyond the financial services space, smart insurers are embracing insurtech as a culture to engage emerging and tech-savvy consumers.

SIMPLIFYING DIGITAL SALES

The changing needs and expectations of consumers have led to a constant evolution in the way insurance policies are being sold. Moving away from traditional sales channels and physical interactions, insurers are increasingly relying on proactive digital sales channel as today’s tech-savvy customers seek digital tools and experiences from their insurer.