According to a McKinsey report, companies making intensive use of customer analytics are 2.6 times more likely to have a significantly higher ROI than their competitors. Intensive users of customer analytics are 23 times more likely to outperform their competitors in terms of new customer acquisition than non-intensive users, [...]
The metaverse is steering the next wave of digital transformation, which will provide insurers with powerful technology tools for differentiation as well as challenges to navigate. In the years ahead, the rise of the metaverse will begin to influence every facade of insurance, from the workforce experience to distribution, [...]
In current times, no industry can survive without adopting relevant technologies, and the insurance industry is no exception. Technology plays a vital role in the insurance industry. Technology is redefining the way traditional insurance business is being done and driving smart reinvention of workflows. Technology is now part of [...]
Whether a company is small or large, digital transformation is essential. Every lecture, panel discussion, article, and study about how firms can stay competitive and relevant as the world gets more digital makes that point loud and clear. Many corporate leaders are unsure of what the term “digital transformation” actually [...]
Traditional businesses are projected to be disrupted and revolutionized at an unprecedented rate as the Internet of Things (IoT) emerges. These new technologies have the potential to benefit the insurance business, which has been hesitant to adapt in the past. Before we get into how the Internet of Things will [...]
In every sector of the economy, Intelligent Automation (IA), also known as hyperautomation or Robotic Cognitive Automation (RCA), is transmuting the way business is done. IA systems are capable of detecting and producing large volumes of data, as well as automating entire processes or workflows while learning and adapting as they go. It is already assisting [...]
It has been close to a year since the WHO declared Covid-19 as the global pandemic. Like most of the businesses, the travel industry was one among the worst hit. However, it did not thwart the growth of the travel insurance sector. A recent report published by ‘Valuates Reports’ says [...]
The global pandemic not only was a health scare – it also led to a lot of economic distress. While Insurance companies in such times play a critical role in providing a cushion and help organizations manage the risks, they too have been under tremendous pressure. Not only are [...]
Customer expectations are continuously changing, while the technological evolution is grabbing an accelerated pace. By the end of next decade, nearly half of the adult population will constitute millennials and post-millennials, making up for a population that is digital native. With high expectations for omnichannel, integrated, digital experience across a [...]
Insurance is a relatively stable industry, which was first shaken by Insurtech and is now being impacted by the COVID-19 pandemic. The former is facilitating a technological shift that will help the global market to deal with the negative effects of the latter. So, even if Insurtech was not [...]
