How does this all happen? There are some obvious drivers. First, customers digital expectations have grown. And the pandemic crisis has further accelerated the adoption and convergence of automation and digital technologies. Put simply, digital technology works, it’s available, and it provides the resilience the insurance industry needs. Insurers are also realizing new uses for it.
Taking a customer-focused approach and targeting traditional insurers’ pain points and inefficiencies, insurrects are providing stiff competition even in an already competitive market .Alternatively, they are pursuing a direct-to-consumer strategy, launching new easy-to-use products, and pressuring adoption of automation and digital technologies
The challenge, therefore, becomes structural change, not least simplifying the end-to-end business model and capitalizing on the massive opportunities provided by digital and automation technologies