insurance in a completely new way , insurers can remove the constraints of ageing technology and cumbersome processes and shift to customercentric product offerings . Adopting new technology in order to stay competitive is most definitely a challenge . In the first instance , for many , a cultural mindset transformation that innovation is not simply a department is a great start . So , too , is promoting the message that change has its rewards . Attract exciting , new talent that is more au fait with technology . Already we see classic insurers securing younger people familiar with IT at an executive level , making it much easier to communicate the benefits of insurtech and work side-by-side on a clear strategy . Injecting fresh DNA into a typically traditional industry will play a huge part in driving transformation forward . One of our main challenges is attracting enough talent as we expand , while ensuring we maintain our company values .
Q . WHAT ROLE DOES ARTIFICIAL INTELLIGENCE ( AI ) AND MACHINE LEARNING ( ML ) PLAY IN YOUR PRODUCT OFFERINGS ?
ยป Insurance is a big-data industry , and AI and ML have a significant role to play in the future of insurance , making it possible to analyse the invaluable large volumes of data . Insurers benefit from insights into individual customer behaviour , preferences and risk profiles , enabling them to tailor products and services accordingly . We enable the opportunity to orchestrate data in an efficient way and utilise data effectively ,
insurtechdigital . com 23