Six Ways Insurers Can Radically Transform
This IDC Perspective aims to shape the digital insurance growth story by looking into the current and prospective strategic measures that insurers must undertake to survive in today's interconnected world. Further, this report helps identify the digital considerations that insurance companies need to successfully ride the growth curve in the coming months. To witness the future through the lens of the past, during the pandemic, the insurance industry has seen the real digital transformation in a matter of some months, which ideally could have taken several years to experience otherwise. This indicates that consumers today will only honor companies that are dynamic, agile, and forward thinking in their offerings. The successful use of technology, such as distributed ledger, Internet of Things, application programming interfaces, robotics, microservices, and usage-based services will define the way insurers manage great consumer experience. The practice of legacy methods is here to end. "Insurers must define their consumers well to accommodate the best possible digital path. A great deal of ecosystem involvement and insurtech partnerships is key to develop market readiness," says Surya Narayan Saha, research manager, Asia/Pacific IDC Financial Insights.
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