Unveiling the Three-Stage Digital Revolution in the Insurance Industry

Gaurav Garg, partner and global head of property & casualty insurance at Oliver Wyman, recently sat down with ITL Editor-in-Chief Paul Carroll to talk about the state of digital transformation, now that the insurance industry has been tackling the issue for years.

He says many businesses have moved through the first stage, in which paper-based processes are digitized. They are now in the second phase, where they are working to use data more effectively to drive decisions—the rush toward using generative AI is part of this phase.

Garg says the third phase will come as businesses emulate social media engines that ‘allow almost instantaneous dissemination of data, instant consumption of data and instant access to data.’ Get ready for your smart assistant.