With legacy systems impeding innovation, Insurance organizations are looking for ways to reduce cost, enhance flexibility, and improve customer experience and engagement.
Insurance on the platform
The insurance industry has never been famous for rapidly embracing change. Overall, it is still stuck in a traditional mode of thinking about products, processes, and systems. Yet to the industry’s credit, recently the narrative has been shifting. Insurance executives are actively discussing strategic innovation, and many are committing their strategies and initiatives to customer centricity, digitization, and innovation.
By using AI to move prices closer to the market, insurers can gain faster insights into the variables, such as price elasticity.
The Indian insurance market has enormous potential for growth if it can overcome its constraints and bureaucratic legacies.
To stay relevant, insurers should shift from reactive risk underwriting to proactive prevention aimed at better outcomes for customers and themselves.
Insurers are turning to artificial intelligence and cognitive computing to augment the capabilities of their business experts.
Learn how digital business platforms are disrupting and transforming the insurance industry, giving adopters a decisive competitive edge.
Insurers face new market structures and a new class of competitors
To meet changing market dynamics, insurers must expand their offerings with agile platforms, technology and tools.
Insurance is following close behind banking — another industry that grapples with trust issues — in the evaluation and adoption of blockchain technologies.
Faced with the potential threat of technology innovators, insurers must embrace an insurtech-infused future.