The insurance industry stands on the precipice of profound change. Demanding customers, new competitors, and a changing set of challenges are transforming the industry. The looming impact of digital distribution, and the growing role of technology combined with an aging workforce is creating significant turmoil for the insurance landscape. The recent technological advancements in the insurance industry have set the digitalization journey in motion for the incumbent insurance companies.
The digitalization trend is driving a change in the business models of insurers, creating new InsurTech partnerships through disaggregation in the insurance value chain. As IoT and data analytics are making inroads in the insurance tech, the present insurance marketplace is witnessing the rise of a myriad of technologies. Against the changing landscape, insurance companies are now looking at blockchain, augmented reality, artificial intelligence (AI), and robotic process automation (RPA) to streamline their business processes and operations. As applications of AI become more common, insurers are using AI to automate complex and high-risk processes such as property assessment, fraud detection, and claims verification and processing. Simultaneously, augmented reality (AR) is becoming a preference for marketing and training processes of the insurance providers. Companies are now able to directly communicate with customers and bring services to their fingertips through mobile apps.
Insurance CIO Outlook has compiled a list of Insurtech Solution Providers in UK to guide organizations in harnessing the power of technology in insurance landscape.
We present to you Insurance CIO Outlooks’ “Top 5 Insurtech Solution Providers in UK – 2019.”
