The future of the insurance industry : A capabilities perspective
The future of the insurance industry : A capabilities perspective
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33 of the more routine or mundane parts of the process , which frees up humans to participate in the parts of the process in which they can add the most value .”
Indeed , technology has the power to fundamentally alter the principle operations of insurance . PwC notes in ‘ Emerging Technologies in Insurance ’ that modern InsurTech is being propelled by four key innovations : artificial intelligence ( AI ), robotics ( specifically RPA or robotic process automation ), the internet of things ( IoT ) and blockchain . Automation of process-driven business , richer streams of analysable customer data and increased transparency all serve to optimise customer outcomes and should be investigated and utilised fully . PwC says : “ While InsurTechs are naturally keen to be understood for the commercial value they could drive rather than the intricacies of their primary technology , the large numbers of startups making compelling use cases for emerging technologies means the broader industry must get to grips with such tools .” Moreover , in ‘ Insurance 2020 ’, the company highlights the value-adding power of social media to engage
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