Carriers have an opportunity to evaluate the value delivered by sharing various aspects of their businesses with digital business service providers to find creative and effective solutions. (Photo: ALM Archives)
There's no doubt that technology is transforming industries around the globe. For insurers, this adoption has involved blending multiple legacy systems and providing staff training while developing products and procedures that meet policyholder needs and expectations. It is a complex process that involves identifying risks, access to adequate technology, significant investments and making informed decisions.
Mapping the insurance ecosystem
Digitalization is traversing the invisible walls across different domains, giving way to inter-industry competition on every front. Online retailing has set high standards for customer experience in every industry. Keeping this in mind, insurers are compelled to think radically about the way they assess risks, innovate products, handle claims, and, most importantly, manage customer expectations. This challenge is further complicated by geopolitical, environmental, regulatory and other constraints on the insurance industry.
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