Another technology that has streamlined the insurance policy acquisition process is robotic process automation (RPA). This refers to the use of bots that interact with customers in human-like ways while connecting to digital systems and software to deliver relevant results. RPAs can even deliver more accurately and consistently than their human counterparts. RPAs also reduce staffing costs for insurance companies, while allowing licensed agents and highly-skilled workers to spend more time on higher-value tasks. (Credit: ESB Professional/Shutterstock)
Just about every established B2C industry, from entertainment to health care and travel is being revolutionized by advancements in technology. Driven by savvy, mobile-first consumers who are demanding faster results and more streamlined experiences from their service providers, the insurance industry is the next sector to benefit from a major disruption.
To understand the differentiators at play in the insurance industry today, it helps to understand the different types of businesses operating in this sector.
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