Top 5 Digital Transformation Trends in Insurance
This week, I’m continuing the series looking at digital transformation trends in different industries like healthcare, retail, finance, media and entertainment, education, government, and automotive. It’s true that digital transformation is revolutionizing every industry we can imagine — but some are moving faster than others. Case in point: the insurance industry.
Truth be told, the insurance industry has never been much of a leader when it comes to technology. But finally — after decades of working with clunky workflows, outdated software, and lots of paper — many insurance companies are starting to get a taste of the tech bug. Perhaps that’s because hungry newcomer start-ups like Slice saw an opportunity to do insurance smarter, faster, and better. Or perhaps they realized how much time, money and risk they can save by updating and automating their processes — up to 65% in cost reduction alone. Whatever the case, there’s finally forward movement in the insurance sector, and customers are rejoicing that companies are jumping into the digital age. The following are a few ways insurance providers are making life easier for customers through the digital transformation.