With the proliferation of emerging technologies in the life insurance space, insurance companies are starting to feel the effects of technology and might of data analytics. Consequently, technology solution providers are now taking up an increasingly dominant role in reshaping the industry. Modern insurance technology solutions are challenging the current state of affairs of the insurance sector all the more, leading to change in the business processes of the insurance industry altogether. The recent technological advancements in the insurance industry have set the digitalization journey in motion for the incumbent insurance companies.
As IoT and data analytics are making inroad in the insurance tech, the present insurance marketplace is witnessing the rise of a myriad of technologies. This digitalization trend is driving a change in the business models of insurers, creating new InsurTech partnerships through disaggregation in the insurance value chain. Against the changing landscape, insurance companies are now looking at blockchain, augmented reality, artificial intelligence (AI), and robotic process automation (RPA) to streamline their business processes and operations. As applications of AI become more common, insurers are using AI to automate complex and high-risk processes such as property assessment, fraud detection, and claims verification and processing. Simultaneously, augmented reality (AR) is becoming a preference for marketing and training processes of the insurance providers. Companies are now able to directly communicate with customers and bring services to their fingertips through mobile apps. New communication channels and tools such as chatbots to increase sales and provide superior customer service are redefining insurance distribution further. These technological advancements are creating new opportunities for insurance solution providers to develop novel technologies that complement the evolving landscape of InsurTech.
However, while implementations of modern technology in the life insurance domain are brightening the short-term outlook for insurers, the storm of technological innovation would not necessarily carry all the current shortcomings away into oblivion. There will still be plenty of challenges to overcome in the years to come, and at the same time, it will offer opportunities to improve an insurer’s competitive position and bottom line. InsurTech movement provides a variety of opportunities for Established insurers in the industry. Subsequently, traditional life insurance carriers are now exploring multiple avenues to collaborate with InsurTech providers and build up-to-date technological competencies. Insurance companies are also integrating with a diverse multitude of ecosystem partners to drive process efficiencies. The integration will help firms to manage market dynamics better and to plan future-readiness strategies.
To help companies navigate through the best-breed insurance technology solutions provider, APAC CIO Outlook has compiled this edition on top 10 insurance tech solutions providers. Through a distinguished panel comprised of CIOs, VCs, industry analysts, APAC CIO Outlook’s editorial group, we have evaluated and shortlisted 10 organizations that have significantly stood out as some of the most prominent players in the insurance technology arena for the year 2019. The organizations featured in this issue through their business knowledge and industry prowess have established their eminence in the insurance technology sector. We present to you APAC CIO Outlook’s “Top 10 Insurance Tech Solution Providers – 2019.”