It’s imperative now, more than ever, for insurance service providers to embrace the digital disruption as more and more consumers are in search of integrated digital experiences in every aspect of their lives.
Changing customer needs, rapid advancements in the field of digital technology, and cut-throat competition between financial service providers are driving insurers towards a new wave of insurtech.
The embedded insurtech solutions close the gap between insurers and their beneficiaries and offer businesses an ingenious way to improve their customer-centricity.
Applying artificial intelligence (AI)—for instance—to their operations can help insurers predict imminent risks, streamline the claim processes, and prevent fraudulent activities.
AI can also recalibrate traditionally manual functions like data collection, loss assessment, or claim management through relevant other technologies like automation, image recognition, and Big Data analysis.