The global insurance sector is undergoing a dynamic change due to digital transformation. This digital disruption has forced insurance providers to either make significant changes to their business models or face the risk of being ruined. However, insurers, especially traditional insurers may find themselves at a competitive disadvantage owing to their age-old business models, as well as hefty investments made in infrastructure. In fact any change to their business model might be extremely difficult for some insurers as it may cannibalize their existing business.
To create efficiencies leading to higher profitability or a competitive position, insurers are leveraging innovative technology solutions that too without making significant changes to their business models. Insurance regulators are indeed viewing technology as an enabling solution that can help them better realize their mission of warranting a competitive and sustainable insurance market. Today, insurance providers are doing…
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