Article Synopsis :
Digital customer expectations, new forms of competition, and relentless product innovation are all shaping the insurance industry in historic ways. This infographic, “The Insurance Renaissance”, from Majesco, tries gamely to sum up all the chaos in two colourful slides.
At a very high level, the argument goes something like this:
- Changing People, Technology and Market Boundaries are exerting enormous pressure on insurers
- Insurance has evolved over time, but the accelerated pace of change requires revolutionary (not evolutionary) thinking
- The demand for better digital products is being driven from outside the insurance industry—and will likely continue to be
- Simplifying the digital customer experience is essential, and though every insurer knows this, many, if not most, insurers aren’t taking steps
The world grows more digital every day and slow-moving insurers may not be able to ‘catch up’ with more digitally-proactive competitors.
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Digital Insurer's CommentsWe can’t honestly argue with any of the points in this paper with the possible exception of the title. A ‘renaissance’ is a ‘rebirth’ or ‘reawakening’ and what seems to be happening in insurance markets worldwide is more of a revolution.
Telematics, AI & Machine Learning, and Blockchain. These three classes of technologies alone hold the power to create a new insurance industry that looks nothing like the industry of today.
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