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The Perfect Time For Tech In Insurance - The Economist Intelligence Unit (EIU).pdf

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Preview of The perfect time for tech in insurance - The Economist Intelligence Unit (EIU)
🔗 Source: anderssonbrown.com
📊 Size: 177 KB
📄 Pages: 6 pages
⬇️ Downloads: 190

Summary

The insurance industry is ripe for innovation and disruption due to manual processes and lengthy turnaround times. Insurtechs, companies that leverage technology to disrupt the insurance industry, are driving change by harnessing new technologies such as artificial intelligence, big data, and telematics. These innovations result in greater efficiencies, driving down prices, and insurers will need to pass these savings onto consumers to remain competitive. Insurtechs tend to partner with incumbent insurers, focusing on specific pain points within the value chain, and their products are often white-labelled and sold under another insurer's brand. Investing in technology is crucial for insurers to secure new customers and retain market share, with most insurers now agreeing that it requires an investment in technology. However, challenges remain, including the existence of legacy systems and changing customer mindsets, particularly regarding personal data collection and trust.

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Description

The insurance industry is ripe for innovation and disruption due to manual processes and lengthy turnaround times.

Technical Information

  • File Format: PDF
  • File Size: 177 KB
  • Pages: 6
  • Language: EN
  • Total Downloads: 190
  • Last Updated: 7 hours ago

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