Why is the Insurance industry going digital?
Insurance is one of the oldest financial businesses in the world. The industry tends to stay traditional and is slow to change, however, new trends have been impacting the insurance marketplace, creating fierce competition. These game changers include:
- New and surprising players are entering the market
- Mergers and acquisitions are on the rise and pose consolidation challenges
- Independent agent model is losing ground to a direct (digital) model
- New technology is changing customer experiences
In this new landscape, it is critical to win new customers and keep existing customers happy. Often this means providing faster, multi-channel service that is available 24/7. And to do this, insurers must use the latest innovations to ensure operations are as streamlined, agile, and efficient as possible.