Technology that has percolated in every industry today is now poised to transform the insurance sector. If predictions from stalwarts in the industry are to be believed, the insurance sector will witness a mammoth change in the next few years.
Traditional insurance companies have already started incorporating technology in their functioning, operations, and customer interactions and services. After a brief resistance to change by some traditional organizations the insurance sector is now ready to embrace it, realizing the benefits of automation.
The significant disruption will be through artificial intelligence (AI) that will help in increasing productivity, creating new products and services, improving customer interaction. Besides, cloud technology can aid in creating a robust database and seamlessly connect the stakeholders of the insurance company.
New players in the insurance industry have already started using technology to create new products and services. The established companies are in the process of making the transformations in digitalizing their functioning. It is a wake-up call for these companies to tie their laces and catch up with the trends lest they lose the race or trail behind.
However, considering customer preferences and comfort, many players are considering a hybrid model of operations for the present. Nevertheless, the competition would be tough. Technology is moving at lightning speed in the insurance sector that will open floodgates of opportunities for the new entrants and existential threats to the new players.
Gauging the pulse of the trends, some insurance companies have started introducing technology in their operations, functioning, products, and services. Insurance tech companies are assisting insurance companies in accelerating digitization. With automation, things are being simplified for both the insurers and the customers.
We selected a few insurance tech companies that are helping insurers grow in scaling their businesses and products. These companies are constantly making innovations in their products and services.
We featured them in our latest edition of Insights Success - India's Most Innovative Insurance Tech Companies. Read about their exciting foray into the insurance technology space, the trends in technology, disruptive innovations, and the future of insurance tech.
Have an enlightening read as you flip the pages of this interesting edition.
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