Historically, the insurance industry has been slow to adapt to ongoing market trends. The bureaucratic steps associated with issuing and managing consumer insurance policies tend to be unwieldy and time-consuming. For a consumer base increasingly used to having their needs met near-instantaneously, this has posed a major problem for insurers.
As a consequence of these digital-first expectations, many voices in the insurtech industry have called for a new approach to issuing insurance. Inspired by trusted consumer brands such as Amazon and Netflix, many insurtech consultants and executives are advocating for progressive use of digital tools such as AI that can boost the speed and convenience of insurance transactions.
“Digitization in the insurance space has changed the pacing of everything into real-time,” said Amber McCullough, Vice President of Strategy and Insights at empatiX Consulting, in a recent interview on the future of the industry. “Insurtechs can improve on customer engagement by following through on the promises that they made with the customer– making the experience faster and more efficient, helping to serve them in one easy interaction.”