InsurTech Magazine December 2023 | Page 85

TECHNOLOGY
They have become accustomed to omnichannel service options , faster responses , sleeker journey design , and personalised recommendations that meet their needs . They are naturally frustrated when the frictionless experience is not available to them when contacting their insurer .
Historically , the insurance sector has been slow to modernise , but this attitude is changing , and AI is the catalyst . In the race to invest in AI capabilities to keep pace with competitors and transform business operations , we are seeing an increased appetite for emerging technology among insurers .
However , it is also important that apart from AI technology , insurers ensure that AI is used responsibly and that customer and data privacy is protected .
Trust is the bedrock of an insurance business , and it is important that despite the advent of modern and new technology , it remains the foundational pillar of an insurer ’ s relationship with its customers .
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