How Technology is Redefining the Insurance Industry

By Reshma Goregaonkar, Head Product Development, Universal Sompo General Insurance

One of the challenges the insurance industry faces is the significant changes brought by digital technology, which impact all levels of business. The insurance industry is forced to deal with major changes on all fronts due to the impact of digital technology and this is its most pressing challenge. Insurers are challenged on all fronts by significant changes brought about by digital technology which is their most pressing challenge. The pressures on the insurance industry come from all sides as it undergoes significant changes due to digital technology.

Technology is at the core of the transition. In the creation, marketing, and servicing of products, the use of artificial intelligence, automation, and data analytics is reshaping the way insurers operate.

Digitally enabled means not just more efficient but also more customer friendly. Consumers are provided with services through ...