Business transformation is a must in today’s reforming financial and technology landscape. Insurance companies, much like financial institutions, are emerging as a disruptive industry, and needs to fundamentally innovate to stay relevant. Despite the industry’s sluggishness in accommodating InsurTech, it has a promising future. But major challenges exist, especially when there is no clarity around integrating tech-related digital channels into the tradition-bound, regulation-tied and relationship-based industry. Delivering on digital promises is firmly on the agenda of almost all the InsurTech firms operating and serving this industry. Successful firms will be the ones who maintain a natural relationship with their audience by interacting fast, and delivering in the moment.
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