The insurance industry is entering a new era in which increased regulation is combined with growing demand among customers both for more competitive premium pricing and the ability to conduct their financial and insurance transactions online. Digital technology could help insurers manage both these challenges.
But while their peers in the banking industry have moved faster on technology, partly as a result of pressure from customers, in the insurance sector change has come more slowly. With new market entrants ready to take a slice of insurers’ market share—and one-quarter of insurance industry respondents cite this as a risk—the stakes are high. Therefore, the question for an industry that is by its nature cautious is: how quickly can it rise to meet these challenges?
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