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Managing new technology Insurers with outdated legacy systems are realizing that new technology will fuel the future of the customer experience. (Photo: Shutterstock)

The future of the insurance industry is taking shape today. Start-ups are shaking up the status quo, forcing slow-and-steady insurers into a full-blown sprint. And the finish line isn’t state-of-the-art solutions, it’s customer experience. The catch-22? New technology fuels the future of customer experience.

“Alternative providers are often at the forefront of the latest technological developments, such as artificial intelligence and process automation, putting them in a unique position to implement this technology and enhance the customer experience in a number of ways,” reports GlobalData in its “State of the Insurance Industry” report. “In areas like deep data analytics, through which personalized products and targeting can be created, these tech-based businesses are capable of providing a far more bespoke product.”

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