Technology has revolutionized the insurance sector, streamlining processes and enhancing customer experiences. Insurtech startups are leveraging artificial intelligence and blockchain to create innovative risk assessment and claims processing solutions. Mobile apps and online platforms provide convenient access to policies and allow for seamless communication between insurers and policyholders. Additionally, data [...]
Whether a company is small or large, digital transformation is essential. Every lecture, panel discussion, article, and study about how firms can stay competitive and relevant as the world gets more digital makes that point loud and clear. Many corporate leaders are unsure of what the term “digital transformation” actually [...]
Traditional businesses are projected to be disrupted and revolutionized at an unprecedented rate as the Internet of Things (IoT) emerges. These new technologies have the potential to benefit the insurance business, which has been hesitant to adapt in the past. Before understanding how the Internet of Things will affect insurance, [...]
In every sector of the economy, Intelligent Automation (IA), also known as hyperautomation or Robotic Cognitive Automation (RCA), is transmuting the way business is done. IA systems are capable of detecting and producing large volumes of data, as well as automating entire processes or workflows while learning and adapting as they go. It is already assisting [...]
It has been close to a year since the WHO declared Covid-19 as the global pandemic. Like most of the businesses, the travel industry was one among the worst hit. However, it did not thwart the growth of the travel insurance sector. A recent report published by ‘Valuates Reports’ says [...]
The global pandemic not only was a health scare – it also led to a lot of economic distress. While Insurance companies in such times play a critical role in providing a cushion and help organizations manage the risks, they too have been under tremendous pressure. Not only are [...]
Customer expectations are continuously changing, while the technological evolution is grabbing an accelerated pace. By the end of next decade, nearly half of the adult population will constitute millennials and post-millennials, making up for a population that is digital native. With high expectations for omnichannel, integrated, digital experience across a [...]
Insurance is a relatively stable industry, which was first shaken by Insurtech and is now being impacted by the COVID-19 pandemic. The former is facilitating a technological shift that will help the global market to deal with the negative effects of the latter. So, even if Insurtech was not [...]
With the force of digital wind growing stronger within the realm of insurance sector, the industry’s defensive tactics will no longer work when it comes to innovation. It is essential that insurance providers prepare an offensive front to deliver tailored services and customized experiences to the customers. The spurt of InsurTech startups [...]
The Straits Times in one of its latest reports mentions, ‘The life insurance industry had a mixed year in 2018 with growth in some areas but contraction in others. The sector posted a 3 per cent expansion in weighted new business premiums to $4.2 billion for the 12 months [...]
