The insurance industry cannot maintain the status quo for market growth. As 2017 kicks off, consider the biggest drivers of change:
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Customer expectations: Clients expect convenience and transparency and have greater ability to find it than ever before.
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Pace of innovation: Customers have a need for new insurance solutions, but incumbents are struggling to provide appropriate products and services.
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Start-ups: New players that innovate quickly are filling the gaps.
This year, monitor the following insurance industry issues, which will create an environment that is positioned for growth:
1. The rise of insurance tech
There are several business challenges that established insurers are facing as they try to meet new customer needs while improving core insurance functions. A specific focus on insurance technology, or “InsurTech,” has emerged to help insurers solve these challenges.
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