As Bill Gates once said, “we tend to overestimate the change that will occur in 2 years and underestimate the changes that will occur in 10 years.” This saying seems to be apt for the Insurance sector.
Gone are the days when traditional insurance companies were dominated by legacy product lines and age-old technology. Emerging technologies are allowing insurers to improve their existing processes and engage more effectively with the customers. Insurance products are now moving from manual claim settlements to robotic automation. This 5 Trillion USD global market is currently experiencing a massive, game-changing shift.
Are you prepared to seize new opportunities to reinvent your insurance business? Let’s have a look at the top trends that will be shaping the insurance sector in 2019 and beyond.
80% customers are willing to use digital and
remote channel options for different tasks and transactionsEY
The global blockchain in the insurance market is projected to grow from
2018’s $64.5 million USD to $1.393.8 million USD by 2023 Report Linker
By 2030, traditional financial institutions
can save 22% in cost reduction of operating expenses due to AI.Autonomous Next
The insurance sector will escalate its investments in cloud services with
a 3% increase by year 2020PC Solutions
82% of customers expect to interact via
a combination of in-person and mobile.Kofax
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