Theres been a lot of talk about how the coronavirus pandemic may permanently affect aspects of daily life and fundamentally alter entire industries. TechnologyRisk Management
The future of the insurance industry deserves particular attention, considering its critical ability to help businesses weather times of extreme hardship and uncertainty.
Its also a sector that, for the most part, has clung to outdated manual processes and, like many long-established industries, has been reluctant to fully embrace digital transformation.
Recent blossoming of the insurtech sector has led to what feels like the beginning of a revolution, but, for most insureds, the experience has been as time- and paper-intensive as it was decades ago.
COVID-19 may prove to be the much-needed impetus for change for insurance organizations that have been operating (and largely thriving) based on decades-old procedures and tactics.