The insurance business is considered one of the most entrenched industries, even in an era of sweeping ground-up reconfiguration. It is nonetheless experiencing increasing demands and new forms of competition, as well as challenges to its industry-wide culture. To stay dominant in a changing industry, insurance providers must adopt new methods of operations more suited to an increasingly digital landscape.
|Seismic industry shifts
Due to overhauls in online offerings and customer service techniques across the business spectrum, customers have become accustomed to the non-stop presence of digital services, 24-hour customer service, and rapid issue resolution. For the insurance industry, new boutique insurance providers are popping up everywhere. These startups are light, quick and entirely digital. Plus, they are easy to work with.
Even without new competitors in the field, expanded regulatory standards and documentation requirements have led to increased workloads for the entire insurance industry.
Insurance providers are aware that these developments have created a situation where the adoption of new technologies is critical, and are going to great lengths to locate and integrate new solutions which will help them maintain their competitive edge.
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