{"id":40059,"date":"2022-03-24T18:13:15","date_gmt":"2022-03-24T17:13:15","guid":{"rendered":"https:\/\/intellias.com\/?p=40059"},"modified":"2024-07-10T16:36:35","modified_gmt":"2024-07-10T14:36:35","slug":"insurance-resilience-business-transformations-under-the-looking-glass","status":"publish","type":"blog","link":"https:\/\/intellias.com\/insurance-resilience-business-transformations-under-looking-glass\/","title":{"rendered":"Insurance Resilience: Business Transformations under the Looking Glass"},"content":{"rendered":"
Ever read Alice in Wonderland?<\/em> The deeper Alice progresses into Wonderland, the fewer things she considers impossible. The insurance sector has gone on a similar journey of self-discovery over the past several years.<\/p>\n Many who viewed remote work as improbable before the COVID-19 pandemic had to make the switch as soon as lockdowns began. Others who previously believed their policies made a digital customer journey impossible successfully switched to providing online service.<\/p>\n Innovation in the insurance industry might be less visible for users, but it sure does happen in the background. We break down why there\u2019s no use for the insurance sector to go back to yesterday\u2019s practices and where it\u2019s heading instead.<\/p>\n Insurance markets have had a bumpy period in the past year: claims volumes<\/a> are up by a sizable notch, life insurance payouts saw the biggest spike in the past 100 years<\/a>, and the overall risk radar across regions<\/a> has expanded.<\/p>\n Despite all these calamities, most insurers are back on the high-growth track.<\/p>\n <\/p>\n Source: Deloitte \u2013 2022 Insurance Industry Outlook<\/a><\/em><\/p>\n Dwindling premiums and reduced profitability aren\u2019t the only defining characteristics of the \u201cnew normal.\u201d<\/p>\n Similar to other industries, the insurance industry has gotten a strong taste of the remote \u2014 and subsequently hybrid \u2014 reality. In a matter of weeks, most businesses had to close offices and switch to fully remote operations (insurance offices included).<\/p>\n Despite making tempered progress, digital innovation in the insurance industry was far less sweeping compared to innovation in adjacent financial sectors<\/a> like banking, payments, or wealth management.<\/p>\nInsurance resilience in the digital-first world<\/h2>\n