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Infographic:

Top 5 Insurance Technology Trends Transforming the Industry in 2021

POSTED ON: December 11, 2020 TAG: Digital Transformation

With the onset of the Covid-19 pandemic, insurtech funding declined in Q1 2020, but bounced back in Q2 2020, increasing from $884 million to $1.2 billion1—a 36% improvement. Despite the adverse effects of the coronavirus pandemic on global markets, the rise in Q2 2020 funding indicates that investors see opportunities in insurtech, thus bringing new products and solutions to the insurance sector.

Application Modernization in the Insurance Sector

Insurance infrastructures are set up in developed economies. Companies are struggling to modernize complex legacy systems to develop new ways of working while focusing strongly on the customer. Application modernization has gained prominence in the insurance sector.

Insurance infrastructures are set up in developed economies. Companies are struggling to modernize complex legacy systems to develop new ways of working while focusing strongly on the customer. Application modernization has gained prominence in the insurance sector.

Experts opine that the global insurance market is experiencing a shift in technology, wherein digital-first business models are the product of traditional insurance and insurtech companies collaborating more than before, testing revenue streams and new business models fueled by advanced technology. What is most important to note here is that emerging trends in technology can mitigate operational costs by preventing fraud and automating services. Insurance agents can well acquire and maintain their business this way.

Tech Trends That Will Accelerate Your Digital CX in Insurance


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Technology in the Insurance Industry: The Future Ahead

Insurance carriers are always on the lookout for the latest and greatest developments in insurance technology. Doing so enables them to not only drive competitive advantage but also deliver amazing digital customer experiences. With all the innovations going to market in recent times, from artificial intelligence to telematics to blockchain, 2021 will be quite an interesting year to watch for developments in insurance technology.

Excited to learn about our Application Modernization Services and Digital transformation services?

  1. Insurtech Funding Roundup, Q2 2020: Investors Find Opportunities Amid A World in Chaos, Forrester
POSTED ON: December 11, 2020 TAG: Digital Transformation

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