visimoney
The digital transformation of the insurance industry is presenting exciting opportunities for innovation and customer empowerment. Automation in the sector is improving customer experience, with claims processes being a key area for improvement. A report from InsurTech Ushur found that over 85% of claimants who were frustrated with the claims process considered switching insurance providers. Insurers must revamp the entire claims journey to retain customers and optimise their resources.
Jamse Doe, Sales Manager at Novidea, emphasised the need for insurers to invest in digital technologies to meet consumer expectations. Failure to do so can result in customer dissatisfaction, loss of market share and difficulties in attracting talent. InsurTechs at the forefront of digital transformation are positioning themselves well in the market and taking advantage of the revolution, with carriers needing to embrace innovation to stay competitive. The industry is rapidly changing and companies must adapt to the rise of AI and machine learning in order to revolutionise their products and processes. The opportunity presented by digital transformation is considerable, and the most innovative minds in the InsurTech space are set to take the sector to new heights.
