In today’s rapidly evolving world, insurers face an influx of rising costs, disruptive startups, and pressure to find new revenue streams. At the same time, customer expectations grow as people are drawn toward high quality, personalised experiences across all channels and touchpoints.
Understand the Challenges
It’s fair to say that insurance wouldn’t be mistaken for an industry with a history of adopting new technologies early. In fact, many traditional insurance companies still remain tethered to a range of outdated processes.
Unfortunately for them, this has allowed smaller, agile, firms embracing “insurtech” to proliferate. In the second quarter of 2018, funding for insurtech hit $5 billion. At the…
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