INSURERS
intelligent document processing , workflow automation and robotic process automation ( RPA ).”
These technologies streamline claims processes and enhance data management capabilities , leading to more accurate service delivery and improved operational efficiency .
Hood emphasises the importance of modern content management systems provided by fintechs that manage vast amounts of data and improve decision-making .
“ Advancements in Digital Asset Management ( DAM ) are significantly accelerating product launches by facilitating end-toend management of digital product creation ,” he adds .
Furthermore , the shift towards cloud solutions spearheaded by fintechs allows insurers to better manage and develop their IT infrastructure , which is crucial for meeting complex regulatory requirements and enhancing customer service .
Fintech-driven innovations Piers Williams , Global Insurance Manager at AutoRek , points out the dynamic competition and innovation coming from new market entrants , such as technology-enabled Managing General Agents ( MGAs ) and Managing General Underwriters ( MGUs ), who innovate by targeting the gaps left by traditional insurers .
He notes : “ Embracing these new players rather than competing can be beneficial as many have built
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