Evolving customer demands coupled with technological advancements mean that insurers are expected to provide risk prevention in addition to crisis management. (iStock)
Digital transformation enables insurers to take advantage of many new opportunities. But first, they must define their strategic priorities. That means reevaluating business models, processes, products and service.
There are three key challenges insurers should address along the way:
- They must better manage risk mitigation by evolving from a financial loss compensation focus to include physical risk prevention.
- They must face down disruptive competitors by enabling rapid solution development.
- They must manage the enormous amount of data generated by connected networks to develop and deliver leading-edge products and services.
The ability to address these challenges effectively will enable insurers to successfully compete in the digital economy.
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