INSURTECH DISRUPTION: TRANSFORMING INSURANCE MODELS THROUGH DIGITAL INNOVATION Digital transformation is changing not just business processes, but every little aspect of life. There is so much that has been discussed and debated about how digital transformation will impact human workforce and jobs. However, one cannot deny the superior level of convenience and precision digital technology has engendered, resulting in drastic changes in how businesses work, savings in costs and improved time management. Digital transformation has improved on existing process and has also given rise to new possibilities for business. As the business world adopts digital capabilities into its functions and processes, they’re beginning to leverage the possibilities presented by improved process efficiencies, speed, data analytics and service improvements and to improve their services. The insurance sector too has been facing major disruption, with its core offerings being radically transformed because of digital transformation. The growth of mobile technology has redefined how insurance processes are undertaken by presenting new means of distributing insurance products and claims applications for services like underwriting, risk management and product distribution. These digital transformations in insurance have given rise to a new tide of technology-driven insurance companies – also known as Insurtechs. InsurTechs trends are changing the length and breadth of how insurance services function. While it initially focused on transforming how business services are delivered, now it aims to transform the entire business model works. Therefore, insurance companies must stay on top of upcoming digital trends in insurance and employ them in their business. Digital data management: Improvements in AI and IoT have uncovered new markets and opportunities. Innovations such as home sensors, telematics and drone surveys could produce critical data to help businesses provide more personalized solutions and take better decisions in underwriting, pricing, and claims adjustments. Digital data flows will also help businesses manage customers individually, rather than as a group. Digital Transformation 18.1K AI 823.0K

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