The insurance industry is one of the oldest sectors in the world and as the years have passed, it has gone through a rather slow metamorphosis. This has led it to stagnate, unlike other companies.
Digitization has been a difficult process for insurers. This is due to the fact that within it there are complicated manual processes to digitize and strict government regulations.
Despite this, insurance companies began to take advantage of data and digital technologies thanks to investments in insurtech companies.
In that sense, this allowed those digital transformation efforts to result in the evolution of the sector.
Why is digital transformation necessary in insurance?
First of all, we already know that the insurance industry is one of the oldest in the world.
However, new players, business models and demanding customers are forcing insurers to adopt digital technology.
In a second place, this urgency has become more pronounced since the emergence of the pandemic caused by Covid-19.
Next, we find the following two important points to understand the urgency of transforming the insurance sector:
- Increasing importance of being agile at scale:
As competitors implement new solutions, insurers are expected to quickly launch pilots and implement them.
- Customized products and services:
Customer experience is increasingly the key factor for a company to differentiate itself from its competitors.
In addition, according to the 2019 TechSee survey, customers want to quickly manage policy quotes, bill payments and communication.
Why digitize your insurance company with LISA Insurtech?
Certainly and being an insurtech, we are in charge of nurturing the traditional insurance industry with Artificial Intelligence. This in order to accelerate their traditional processes.
We guarantee efficiency, speed, cost savings, security in all processes and we also increase the satisfaction of our policyholders.
Learn how we do this with our flagship product LISA Claims !