The insurance industry is at the brink of a complete digital transformation. Traditional business models are giving way to paradigms like connected insurance, usage-based premiums, and digital underwriting. Insurance customers are demanding on-demand, personalized experiences. The types of risks being covered are also evolving, presenting fresh business opportunities for insurers.
Insurers are turning to digital solutions to stay profitable as they battle stringent regulatory norms, while managing complex portfolios in a persistently low interest rate environment. They realize the need to forge better relationships with customers to stay competent. Companies are leveraging emerging technologies, including drones, Big Data and Analytics to transform claims processing, enhance risk management and streamline overall operations.