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By: Virender JeetThe insurance industry is in the middle of a significant evolution, largely driven by the changing expectations of modern customers, new competitors, and the unique demands of a marketplace affected by COVID-19. Insurance providers are striving to stay relevant by smoothly enabling remote operations and keeping up with a higher volume of transactions, without compromising on customer experience.
The way forward for the insurance sector is centered round the timely adoption of new-age technologies. It is imperative that insurance providers effectively digitize their enterprises with the right combination of technology and strategy in order to stay ahead of the curve.
Predictive analytics – Anticipate new trends and potential risks by effectively analyzing your data. Intelligently evaluate your customers’ preferences and behaviors, as well as potential environmental changes and market disruptions, to suggest new product types and meet your evolving business needs
Artificial intelligence (AI) and machine learning (ML) – Bring intelligence to your end-to-end insurance processes to create a fully digital customer journey, while increasing efficiency, decreasing turnaround times, proactively mitigating risk, and eliminating the need for physical contact. Leverage ML to deliver contextual customer service, from determining what a customer requires to recommending personalized solutions.
Also, ensure that customers …
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