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Insurance Technology is helping insurers understand the need of customers during the COVID-19. It is helping them pave the way to beat the challenges of the pandemic and increase business efficiency. Source: https://www.damcogroup.com/resources/covid-19-insurance-industry-imperatives/
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Table of Contents 1 Introduction 2 Pandemic Challenges to Insurance Industry 3 Adversity Driving Innovation 4 Technological Advancement in Insurance Sector 5 Conclusion
Introduction People haven’t concentrated more on their insurance policy as they are focusing now during the pandemic times. They are now eager to understand their policy coverage, free-up money, and address risk. They are reaching the insurers with unparalleled speed.
Pandemic Challenges to Insurance Industry The pandemic has increased pressure on insurance providers. As more and more customers are reaching the insurers, it is becoming difficult for the insurers to deal with customers’ queries with limited manpower.
Adversity Driving Innovation The pandemic has lead to the realization of the need for new products that would be payable in the case of pandemics or epidemics. Insurance providers are recognizing that they need to add more value to their customers, with more personalized offerings and communications on a more segmented basis.
Technological Advancement in Insurance Sector The pandemic has lead to the realization of the need for new products that would be payable in the case of pandemics or epidemics. Insurance providers are recognizing that they need to add more value to their customers, with more personalized offerings and communications on a more segmented basis.
Technological Advancement in Insurance Sector The pandemic has highlighted the need to implement insurance technology that helps insurers to streamline, improve, and digitize operations, and claims functions. More and more insurance firms are accepting the digitized solution to overcome the challenges of COVID-19.
Conclusion The technological intervention has helped insurers battle the challenges posed by the pandemic. It has enabled uninterrupted services and enhanced the efficiency of the business.
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