PriyaPatel
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TLDR:
– Technology is transforming the insurance ecosystem.
– Adoption of technology is improving transparency, efficiency, and customer experience in the insurance industry.
How technology is transforming the insurance ecosystem. In this article, Jess Keeney, the chief product and technology officer of Duck Creek, discusses the positive impacts of technology adoption in the insurance space. Technology has led to higher efficiency, better transparency, and improved customer interactions. Customers now have access to electronic interactions 24/7, self-service options, and personalized interactions when needed.
Technology is changing how agents, brokers, and insurers interact with customers, making the ease of doing business much greater. Interactions are happening in real time, leading to better competitiveness, fraud detection, and overall support process. The development of new products in the insurance industry is driven by market demands and frustrations, and involves extensive research and testing.
The development timeline for new products has significantly reduced to around three months, allowing for rapid deployment and iteration. Companies are fostering a focus on innovation through customer and industry involvement, hackathons, and collaborative efforts. The adoption of generative AI and other technologies is driving innovation, and companies must adapt quickly to remain competitive.
While technology adoption brings numerous benefits, there are risks and downsides to consider, such as the potential for bias, regulatory changes, and high costs. Companies must be responsible in their adoption of technology and ensure data privacy and security. Generative AI is highlighted as a technology with a significant impact in the insurance space, leading to better cost management, customer experiences, and modern work practices.
Overall, the digital transformation in the insurance industry is exciting, with a shift towards greater technology adoption and collaboration. Companies must focus on preparing for the next big change and remain flexible to adapt to evolving customer preferences and technologies.
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