Both property and life insurance industries are facing a wave of new digital technologies, and traditional insurance companies are feeling pressure to adapt to a rapidly changing market that values agility.
The inherent inefficiency in the traditional insurance value chain and an excessive dependence on manual processes is making insurance innovation difficult and insurance products expensive. InsurTech companies, which use technology to streamline the insurance process and offer more innovative products, have been at the forefront of this shift.
Overall, the adoption of digital technologies is helping to make the insurance industry more efficient, transparent, and customer-centric, which is ultimately good for consumers.