June 2023

The insurance industry is undergoing a major transformation as technology continues to reshape the way businesses operate. Digital disruption is a norm in the era. Insurance companies are recognizing the need to embrace technology and modernize their operations to stay competitive in the market. This article explores the significant investments being made in tech modernization within the insurance industry. Also, the impact they have on improving customer experiences, operational...

CoIt’s no secret that personalized insurance offerings and services are one of the biggest differentiators for insurers, as some 80% of customers have come to expect from their insurance company. One of the most obvious and essential areas insurers can personalize is the policy lifecycle. It’s important to understand that not every customer’s experience with their insurer during the policy lifecycle will be the same. This means insurers need agile...

Insurance industry can have better cost performance, reduce protectoin gaps, increase customer experience and create transparency with the combination of available data and AI/ML. While some might argue around the latter part, transparency is likely to receive assistance from legislation on these services. As data becomes ubiquitous, Artificial Intelligence and its related technologies will create a seismic impact on many aspects of the insurance industry, from...