The COVID-19 pandemic has severely impacted many industries such as Travel & Transportation, Energy, Manufacturing, Retail and Hospitality. Although the impact on the Insurance sector is less severe, we believe that it will still be significant and highly disruptive; ranging from employee and business continuity issues, client service considerations to operating profit. The immediate concern for insurers is the protection of employees, its distribution partners health and safety along with business continuity In the new age of Digital-Native customers, much of the innovation in the Insurance Industry has been related to the development of new products and offerings. Digital Innovation in this specific sector seems to be stagnant when it comes to growth.
The digital desire to innovate can combine possibilities for insurers to create new revenue streams and serve inaccessible customers as well. Using new technologies to innovate ways to achieve true customer focus across the organization is real digital transformation. In order to remain competitive, leaders need to rethink existing processes, structures, and methods of customer interaction.. It’s equally important to establish smart, digital operations for the sake of employees—attracting and retaining the best talent possible. In order to transform the customer journey digitally Fintech offers various technological trends like Artificial Intelligence, IoT, Advanced Analytics, Mobile tech etc. As a branch of Fintech, a considerable amount of growth can also be noticed in Insuretech.