The insurance industry has been significantly disrupted in recent years, in large part due to digital transformation. The ripple effects of that transformation have driven widespread insurance innovation — no aspect of insurance functions (for both carriers and their customers) is exempt. As you might expect, this has had a disruptive effect on operations. According to Boston Consulting Group, "Insurers are competing for new digital-native customers. To do so, they have to disrupt the status quo with new digital businesses that reinvent conventional insurance offerings. Digital innovation is key to winning customers and creating new revenue streams." With so much changing in the world — both within the scope of the insurance industry and beyond it — there are particular innovative insurance trends to consider. In the slideshow above, there are seven concepts and technologies that are and will continue to disrupt the insurance industry and redefine expectations for insurers. To remain competitive, insurers must seek out easy-to-integrate, highly configurable platforms that support utilizing new data, analytics sources, and business models. With these more flexible, cutting-edge tools, insurers will be able to provide the level of service customers expect, and stay one step ahead of whatever comes next in this ever-evolving industry. Jeff Wargin is the chief product officer at Duck Creek Technologies. Contact him at [email protected]. Related: |

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