The insurance industry is currently undergoing a transition period, with many insurance companies in the market that operate under the traditional model while there are also others that are already making the necessary changes to pursue the success that only technology can bring them.
Insurance industries have been selling the same product since forever: protection for people’s most precious assets. However, this has grown exponentially over time, as the world has continued to evolve and there are more and more things we all want to protect or may need insurance for.
Traditionally, insurance companies have sold their products like many other industries: face-to-face at dedicated offices. However, the world is constantly changing at an ever-increasing pace and those who do not join the change will be left out of the market competition.
It is known that several insurance companies have emerged in this digital era. These new companies have taken over the majority of the current market, as they offer their products in an innovative and attractive way to the end users: the policyholders.
Faced with this situation, traditional insurance companies must take action and join the change. If they do not, they will remain in the past and see their assets steadily decrease.
The Era of Digital Transformation
It is a very interesting field of development and investment of money with a very promising potential. The most ingenious and willing to change will have the monopoly of the market in just a few years with their companies.
The insurance industry does not escape this reality. More and more companies of this type have had to move and make the leap into the era of Digital Transformation, but what does this really means?
Basically, it’s about greater proximity to the end user, greater ease of operations with the convenience that comes with it, and of course, the element of customization that today’s users love so much.
For this reason, it is estimated that, in the coming years, companies that carry their operations to the public in physical offices will gradually decrease and will move to digital offices. Thus, there will be very few companies that will remain operating traditionally and with a very small number of buyers.
For LISA Insurtech, being part of the Digital Transformation is an essential fact. We are committed to its benefits by supporting the insurance industry in the revolution of automatic processes of claims settlement through various technologies.
What is the end result of all of the above?
- Decrease of the liquidation process by 80%.
- Reduction of operating costs by 60%.
- Increase in NPS up to 20%.
What are you waiting for to streamline your processes with cutting-edge technology?