It ’ s fairly safe to say that , when it comes to digital transformation , the global insurance industry was a touch late to the party . Incumbents were process and paperwork-heavy . Worse still , customers were conditioned to accept the status quo , which involved waiting weeks for claims to be processed and payments to be made – because that ’ s just how the system had always been .
Then COVID-19 came along and everything changed .
Newly-founded companies with high levels of tech in their business models fared well . But the insurance industry , the vast majority of which was still traditionally modelled using legacy systems , struggled to adapt .
Three years on , and the space looks very different . But so , too , does today ’ s global economic climate . And while transitioning to the cloud , adopting new technologies , and launching new products and services for relevance , the whole package comes with a high price tag .
The current state of digital adoption in insurance Despite the reluctance of the insurance industry to embrace modern business models in the years preceding the
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