InsurTech – by William Girling
The historically conservative insurance industry met one of its biggest existential challenges in 2020. Ever since the COVID-19 pandemic forced a reappraisal of modern operational and service standards, digital transformation has gone from an option to an absolute necessity.
But which unaddressed pain points made the shift necessary? What are the key trends that insurers should consider exploring? How can a digital roadmap be configured to meet the needs of both the business and the customer?
In a thorough examination of one of the most all-encompassing topics in today’s market, a selection of high-profile insurance/tech experts helped us answer these questions and more.
The ‘acceleration’ of digital transformation since the pandemic is an oft-reported phenomenon, but it is rarely contextualised purely in relation to insurance. However, Tarek Nseir, VP and Head of Digital Engagement Practice at EPAM Systems, claims that five years’ worth of transformation has been accomplished in just 12 months. “This is an exciting time for digital transformation in the insurance industry due to the opportunities presented in part by COVID-19, regulatory change, and the investment appetite of insurers to differentiate from the competition.” What has resulted is an overall drive towards self-service channels, digital channels, data analytics, and more.