While insurance providers have been adopting digital technologies such as AI/ML, blockchain and IoT for years, the future will be defined by how enterprises can combine these technologies to go beyond improving efficiencies. (Shutterstock)
The insurance industry has entered a truly transformational phase. Fueled by advances in IT and big data, providers and customers have been empowered to redefine the nature and boundaries of the industry.
In 2020, insurers are poised to shift their focus from the adoption of digital technologies to the mastery of execution. There is a proliferation of emerging technologies — including artificial intelligence and machine learning (AI/ML), blockchain, and the Internet of Things (IoT) — and an increased emphasis on strategic partnerships, expanded offerings and customer experiences.
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