Digital evolution must happen across insurance ecosystem

The global COVID-19 pandemic has placed insurance technology under the spotlight. It has weeded out the digital front-runners from the digital dawdlers and has highlighted the importance of innovation across the entire insurance value chain, from client prospecting and acquisition through underwriting and claims adjusting.

While any immediate technological changes introduced by insurers during the coronavirus crisis have likely been motivated by the need for survival, the wider objective of digital transformation in the insurance industry remains the same in 2020 as it has been for the past few years, according to Sean Ringsted, chief digital officer at Chubb. It’s all about how the insurers can stay relevant to customers by offering the right products and services via the most desired mediums, while also operating more effectively and efficiently in an increasingly digital world.

Underpinning that digital transformation is a rather expansive technology toolkit made up of data analytics, insurance software and APIs, fintech and insurtech capabilities, blockchain, the Internet of Things – you name it. Not any one of those tools is the full answer, Ringsted stressed. Rather, insurers need to bring the complete toolkit to the table and apply it to a clear business objective that they’re trying to achieve.

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Source: Digital evolution must happen across insurance ecosystem | Insurance Business