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COVID-19 has caused significant disruptions across industries, more so in the insurance space. Since insurers rely on face to face meetings and direct physical engagement for distribution, they have had to take a step back to reassess the situation and draw new business plans.
It is crucial to make the shift for the better and adapt to a new customer journey through remote insurance solutions.Insurers with better understanding of the market demands, and who adapt to the advanced digital solutions will be able to offer better underwriting services, innovate and introduce new products into the market, process claims with ease and will be in a much stronger position than their competitors.
The digital transformation has completely altered the way customers make purchases and transactions, be it insurance or other products. Over the next few years, digital tools such as big data and data analytics [predictive analytics]will enable insurers to offer seamless processes, increase their efficiency levels and optimise overall business cost.
Remote insurance offers growing opportunities to serve new policyholders.