Insurance

In an industry known for well-established, colossal companies that dominate the market, newcomers to the insurance provider field have some distinct advantages when it comes to the implementation of digital solutions. A great example of this is Lemonade that uses AI in the form of chatbots to handle claims and provide insurance policies. Policies can be purchased and claims paid within a few minutes or less. The question then arises: can the incumbent juggernauts modernize quickly enough to provide the kind of experience that customers have come to expect in a world of digital transformation?

Digital transformation is no longer a nice-to-have, it is instead a necessity for insurance companies if they would like to stay competitive and appealing to new and existing customers. But it’s about more than simply surviving and staying relevant. It’s about making improvements to provide a better employee experience and working environment as well. Taking the steps towards digital transformation has wide-ranging effects on the daily operations of a business. It can open doors to new customers and markets and can expand the reach of the business.

The insurance industry has been widely known as being a central focus for fraud in a digital environment. With all the improvements and the forced transition to fully digital interactions, is that still the case in 2022? Or perhaps more importantly, does the risk of online fraud need to still be a concern or are there ways to tackle it in combination with other common challenges faced by insurance companies in the customer onboarding process?

Which companies are making the biggest impact on climate change? The first industries that come to mind are most likely the obvious, high-profile players: those focused on clean energy, sustainable living, and waste reduction. But there is an industry that is arguably less visible that has the potential to have a major impact on how businesses and consumers deal with environmental changes moving forward: insurance.