3Industry Tech OutlookMARCH 2022INSURANCE TECHSThe global insurance market is experiencing a transformation to `digital-first' business models that can unlock new value. In the digital era, insur-ance companies across the globe are looking to adopt newer technologies and undergo digital transition for operational effectiveness, enhanced cus-tomer experience, easiness and agility. Furthermore, many insurers invest in the digital platforms to strengthen their relationships with customers and retain them.With the advent of cloud, analytics and IoT, a colossal number of technol-ogy companies are building innovative tools to aid insurance companies in gaining and optimizing quick and accurate data. As insurance companies increasingly invest in digital technologies, their aim is to empower signifi-cant ROI as well as cost savings while improving decision making.It is imperative to put the customer journey at the centre of any insurance-focused digital transformation program. More and more insurers are taking an agile approach to lifecycle design, identifying pain points and attempt-ing to eliminate them using technology. Consumers today expect real-time interaction and online access to services that are handled consistently from their mobile devices. This means that insurers must embrace the transition from paper-based operations to new, fully digital ecosystems, with just a few exceptions requiring manual intervention.Therefore, they need the assistance of best of breed partners with high tech-nical expertise and experience to improve operational efficiency, decision making, customer experience, business growth and revenue. Organizations now realize that they can't and shouldn't try to handle everything them-selves due to financial and operational risk. A partnership is a preferable al-ternative in some cases. Insurtechs (insurance-focused tech businesses) are transforming the insurance landscape by establishing new ways of pricing, generating, distributing, and servicing policies. Engaging with insurtechs is a feasible method to tackle and close the innovation gap because developing new solutions involves time, money, and management effort.T
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