Insurance in the face of digital disruption

The Times of India

December 17, 2022

The insurance landscape is changing rapidly, thanks to digital transformation. The pandemic has accelerated the need for insurers to re-evaluate their strategies and digitize to remain competitive. Most insurers are investing significantly in digital technologies such as AI, data analytics, and chatbots to broaden their consumer base. Considering the fast-changing expectations of customers with the growing demand for digital channels such as online portals and mobile apps, it’s imperative to reimagine traditional business and operating models. 

With an increased shift towards more tailored products and services, organizations need to go digital by revitalizing existing operations, processes, and ways of working. Whether it’s focusing on digital data collection, algorithmic risk assessment, or predictive analytics, the possibilities of digital transformation in insurance are innumerable. So, what are the key areas influencing the insurance industry’s current and future market growth? Let’s take a look. 

Digital transformation in the insurance sector has been slower than in other industries. This is primarily due to the complex nature of insurance products and the regulatory environment. The gap between digitally enabled insurers and those who are not is steadily increasing – it’s no longer a question of whether to replace a legacy system: it’s about how. By embracing digital, insurers will become more customer-centric, agile, and resilient.


About the Author

Anuradha Balasubramanian, General Manager Insurance and Fintech business at Accolite Digital.

This article was originally published in the Times of India.

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