INSIGHT- DRIVEN INNOVATION TO DRIVE INSURANCE INDUSTRY GROWTH.

There is no doubt that the covid-19 pandemic is not all doomsday especially for players in the insurance industry across the globe. For starters, it has brought back the focus on innovative insurance solution for an industry that has been slow in embracing full scale digitalization. The pandemic has forced many insurance companies globally to scale up their digital initiatives and increasingly using artificial intelligence (AI) to drive their businesses and serve their customers more efficiently. Customers are becoming more inspirational with rising expectations in an era of physical restrictions as they look for products which are easy to buy and get serviced promptly. The COVID-19 pandemic has made it crystal clear, that the insurance industry can no longer play the “conservative card” they must continue to develop innovative solutions using AI, big data, machine learning and data analytics that will enable them to better understand risks and help them reinvent their business for the next decade.

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