INSURTECH
As the pace of digital disruption in insurance quickens , survival relies on innovative digital ecosystems driven by technology and the consumer
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T he insurance industry stands on the precipice of a paradigm shift . Digitisation is accelerating at pace , with new and innovative technologies , the greater use of data and a mobile-first approach not only changing how the industry operates , but also how customers expect it to operate . So too is the competitive landscape changing the playing field for those incumbents in the industry , forcing them towards a better defined , service-based approach similar to that being adopted by many of the larger players in the financial services industry .
But , unlike that industry , the insurance sector has typically been slower to adopt digitisation . That has to change . Digital can no longer be the preserve of the innovators or pioneers in the sector , it should permeate every level of the competitive landscape if insurers wish to reshape their business in line with customer expectations . Indeed , according to research by
JULY 2020