InsurTech could change business model
Thursday, 03 29 2018, Category: Technology, Country: World
Re/insurers are owning the InsurTech wave with a sustained focus on modernisation as newer technologies drive efficiencies and strategic advantages and the market is said to be heading for an inflection point as a result.
Most firms studied in a recent A.M. Best survey revealed plans underway to upgrade legacy underwriting and claims systems, business processing systems and website functionality.
According to the survey, companies are focused on four primary areas they consider to be most in need of technological improvement: customer experience, legacy administrative and claim systems, data aggregation and mining, and underwriting systems.