DIGITAL STRATEGY enhance the precision , efficiency , and customer-centricity of insurance services , aligning them more closely with real-world conditions and client needs .”
If that utopian vision comes to fruition , it will be to the benefit of both insurers and policyholders . New threats , stemming largely from increased climate risk , threaten to destroy the bottom lines of many insurers unless they find new ways to define and characterise risk . Flood , for instance , was once considered uninsurable , and there are suggestions that wildfire risk is headed in that direction .
Likewise , embracing new technologies as they become available – or affordable – is a hallmark of the insurtech sector . Identifying risk before loss occurs will protect the policyholder from potentially devastating circumstances and improve trust between the insurer and the insured . insurtechdigital . com 57