DIGITAL STRATEGY
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The technologies that facilitate this transformation are significant . AI ( artificial intelligence ) and ML ( machine learning ) algorithms leveraging large streams of collected data enable insurers to know their customers in comprehensively more detail than previously possible . “ Insurers are the kings of data and being able to use and aggregate it facilitates smarter , better-informed decisions ,” adds Wells . “ The cloud and managed services are also now crucial to customer-centricity . COVID-19 has forced insurance to rapidly go digital , and the traditionally slow-moving industry saw many providers unprepared .” Any of insurance ’ s more atavistic tendencies are compounded by customer experiences that have been biased by ecommerce platforms such as Amazon , Alibaba and Shopify . The future of insurance , then , clearly lies in developing an intuitive digital service that meets similar expectations .
NOVEMBER 2020