Insurers are getting future-ready with digital transformation
In the past few years, digital transformation has been a driving force across all industries to help businesses in each sector level up to the new market norms—and insurance is no exception to the rule.
The COVID-19 pandemic has further advanced the pace of digitalization transformation and added more impetus for businesses to accelerate their journey towards a digital future.
In a recent study by CIO Survey, more than 58% of insurance businesses said that they have increased their funding in digital innovation in the aftermath of the COVID-19 pandemic.
With the maturity of cloud computing, a growing number of insurers are feeling the need to upgrade their core operations to the cloud to stay agile and offer a better customer experience. Cloud also offers the promise of streamlining huge swathes of data that insurance companies, their customers, distributors, and healthcare providers usually have to deal with.