The brave new world of insurance

Simplicity, convenience and transparency are what consumers are looking for in their insurance products, both life and non-life. Such expectations are spurred by the technological revolution happening in their lives as with greater awareness and more information at their fingertips, consumers are changing the way they think, research and buy protection.

   To stave off disruptors, insurers are embarking on adopting emerging technologies and what one of them called the “ABC” of FinTech – AI, Blockchain and Cloud.

   Partnerships, especially between insurers and InsurTech firm is also the order of the day and both life and non-life players said these will be ramped up in 2018.

   The brave new world of insurance is customer-driven, who in turn are driven by the emerging technologies. Making that customer experience “memorable with quality” is the key.