How to create innovation in your insurance business

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By Prateek Saxena

September 15, 2020

5.

min read
Last update on: September 15, 2020

It is no surprise that the insurance sector at large has been guilty of negligence at one particular front, industry Innovation. Although, Insurtech startups have come thick and fast in the nick of time, yet their broad impact on the industry is marginal at best and meager otherwise. Given the era of uncertainty that we are scraping through, the rate of innovation in insurance segments needs to pick up if the underwriters of today are to thrive tomorrow. 
In this article, we’ll be focusing on the possible measures they can implement to do so. 
How has the Insurance Industry changed? 
Insurance is not the ball game it once used to be when the incoming customer used to feel indebted to a company for assured support in challenging times. Technological disruption has made entering the marketplace rather easier, giving rise to a legion of adversaries, making it one of the most investment friendly Fintech domains. And that is just a quarter of the rising events that legacy insurers need to be concerned about. Below, we mention 4 critical changemakers: 
1.  Customer experience 
The entry of insurance startups into the fray makes meeting …

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