Global insurers receive trillions of dollars from premiums, and year-on-year increases in consumer spending. As the industry continues to grow, the opportunities increase correspondingly. Insurers have the opportunity to maximise market share, reach new, untapped markets, and also refine internal processes to reduce overheads and increase margins.
On the other side of this growing market, is the increase in losses due to fraudulent claims, challenges in offering a seamless customer experience across distributor channels, and wasted marketing spend on unproductive customer segments and markets. Insurers who fail to adapt expose themselves to losses.
Technology-led disruption changes the nature of insurance risk and creates opportunities. Leveraging disruptive AI technology lets insurers take prompt and accurate decisive actions that minimise loss due to fraud and reduce costs while maximising customers and growth.