But there are challenges holding back insurers
Unlike other domains like Fintech or Edtech, the insurance industry is waiting for its miracle moment—a disruption so big that will change the way insurance providers currently operate. At present, the insurance sector is lagging behind other fields by a huge margin.
According to a McKinsey report, “Insurers around the world have significant technology debt, with many core processes weighed down by extensive on-premise legacy technologies.”
Insurance providers across industries like automotive and healthcare are still dependent on the traditional ways of selling, distributing, renewing, and managing insurance accounts. There are several complexities in the conventional methods of offering insurance services that don’t have a ready answer—yet.
Insurance businesses caught between the complex web of relying on traditional processes and exhibiting the willingness to move to a digital-friendly future are missing the opportunity to become more proactive.