When many people think of insurance, they don't necessarily think of an industry that is user-friendly, intuitive or easy to navigate. Traditional insurers have been slow to surpass regulatory hurdles and adopt technology that can help them deliver smarter, faster and more secure solutions. From a consumer perspective, it's difficult to figure out which insurance policy will provide the necessary protection while still being cost-effective. But this all is changing. Research from McKinsey suggests that the insurance industry is on the verge of a seismic shift, driven by the adoption of advanced technologies. Artificial intelligence (AI) and data analytics have the potential to revolutionize all aspects of the current insurance value chain and enable carriers to offer hyper-relevant protection directly to customers. The slideshow above illustrates five of the ways that advanced technology is revolutionizing the insurance value chain. The Road Ahead The insurance industry has been held back by antiquated processes, regulations and an apprehension to move away from the way things have always been done. However, recent Deloitte research shows that across the board, insurers are increasing spending on emerging technology and AI to bring insurance into the modern, digital era. While momentous evolution is ahead for the traditional insurance value chain, there is also a new opportunity for digital businesses to offer the protection directly in their platform, bringing a range of new players into the insurance sector. Darcy Shapiro is chief operating officer for the Americas at Cover Genius, the insurtech for embedded insurance that protects the global customers of the world's largest digital companies. Also by this contributor: Building reassurance for travelers with embedded insurance