In this whitepaper, we will explore the challenges posed and the opportunities revealed post-pandemic, and how digital transformation can redefine the future of the insurance sector.
In the wake of the COVID-19 pandemic, services, reach and time to market have changed significantly for the Insurance sector. Insurance companies are reshaping their operating models to meet the changing requirements of the ecosystem and their customers. However, the pandemic has not only posed challenges but has also revealed several opportunities for insurance companies to re-emerge and boost efficiencies and productivity.
McKinsey opines that the COVID-19 pandemic has divulged opportunities for insurers to improve customer experience and reduce operating costs by 40% over the next 10 years.
The insurance industry faced serious disruptions in business, from moving resources and operations to a remote footing to answering calls on changing coverage while continuing to provide services. Few insurance companies struggled to manage their day-to-day operations due to the lack of risk analysis and crisis planning, while some businesses fared exceptionally well due to their earlier investments in digital and application support.