Living in 2024, life without technology is quite unimaginable, isn’t it? If individual lives without technology is unimaginable, then think about businesses. Technological innovations are meant to streamline business operations and contribute to efficiency. But why? Several data suggest that the insurance sector is the least digitized industry in the world because of the challenges that digital transformation offers. Want to know the solutions? Read on!
How does Technology Affect the Insurance Industry?
As the insurance technology trends are progressing, Insurance carriers in the US are widely recognising the benefits of insurance technology. From AI to ML, insurance sector is widely incorporating the new age technology in their operations. From automating insurance processes to efficient data management, insurance technology will help to stay ahead in the competitive insurance market. As per a report, the global Insurtech market is said to generate 152.43 billion by 2030.
But the bone in the throat remains the significant challenges that are slowing down the growth of insurance technology. These challenges are posing a threat to the modern insurers.
Why Insurers are Hesitating in Implementing Technological Solutions?
Here are the top obstacles that insurance companies are facing when it comes to implementing insurance technology:
Lack of Agility
As insurance companies are grappling with the benefits of digital transformation many insurance companies are slow to adapt to the new technological innovations. This lack of agility can be a huge cause for hindrance
Fragmented Customer Journeys
Lack of a seamless customer journey is a growing obstacle in implementation of new age technology in insurance companies. Insurance customers need to interact with multiple touchpoints before purchasing a policy. This leads to a scattered customer journey. With implementation of insurance technology, companies can offer a unified and seamless customer journey experience
Complexity in Implementation
While insurance companies are widely acknowledging the importance of new age technologies, much of the insurance companies refrain from adapting to digital transformation because of the complexities in the implementation process
No Active Cybersecurity Measures
Being active in the digital space today can be quite risky provided the cyber security threats that exist. Especially in a business-like insurance, security is considered paramount. Cyber security threats are considered to one of the major hindrances in the implementation of insurance technology by insurance companies
How iNube can Help You to Navigate These Challenges?
With iNube’s digital platforms navigating through these challenges becomes easy-peasy! iNube offers digital solutions that are not just easy to implement but are quite easy to understand. With the focus on the insurance sector, iNube’s platforms are safe and secured giving digital assets top-notch security. Every solution that is provided here is API driven, giving businesses the benefit of efficient data management. Not only are they -just driven by API configurations but are curated with the help of well-experienced experts so that your trust isn’t compromised. Delivering over 850+ projects, iNube is leading the insurance industry with its unique technological solutions. Click here to know more.
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