INDUSTRY OUTLOOK
WHY THE NEED FOR INSURANCE FIRMS TO INNOVATE CANNOT
BE OVERSTATED
For firms operating in the insurance industry , transactional volumes and associated data is growing year-on-year . But managing this growth with spreadsheets presents an operational inefficiency as the industry continues to expand . This is worrying , with more than one-third of firms still relying on spreadsheets for their data matching and reconciliations . Piers Williams , Global Insurance Manager at AutoRek , explores today ’ s rapidly evolving landscape , and how the insurance market is increasingly turning to InsurTech solutions to streamline operations , enhance customer experiences , whilst also remaining competitive .
Insurers are recognising the imperative to innovate to meet the changing needs and expectations of customers , which is partially being driven by a new generation of clients that have greater technology literacy . Many are actively seeking partnerships and collaborations with InsurTech startups to leverage innovative technologies such as Artificial Intelligence ( AI ), data analytics , intelligent process automation and Machine Learning . Not only does this allow insurers to stay ahead of the curve , but it also increases profits and provides enhanced insurance solutions to their customers .
What innovations are being driven by FinTechs in the insurance space ?
When considering how to embrace digitalisation , there needs to be a holistic approach with integrated technology . www . intelligentfin . tech
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