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Essential Guide for Insurance Companies to Compete in a New Business Era [Infographic]
With having the capability to assess and address business risks, manage between expenditure & income, and provide compensation to misfortune-affected customers, many insurance companies have built a successful business. But while entering in a new business era, they quickly need to change business models to broaden their market.
Digital disruption is the main reason why insurers need to change certain business aspects to compete in a new business era. Digital technology is rapidly spreading across the insurance sector and undermining many of its traditional business models and work, such as underwriting, policy management, claims processing, customer engagement, etc. while bringing a wide range of new opportunities too.
Furthermore, digital technologies are efficiently making an ecosystem where insurers can extend their reach or join hands with companies in different business sectors.
Let’s now discuss the facts and stats related to the new business era.
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