How Insurance is rising to the challenge of digital transformation

The world is changing, digitally. We are moving towards an era of lessened human intervention. Rapidly evolving technologies have brought huge disruptions to their digital platforms. We are seeing autonomous cars, contact less payments, and chatbots that advise people on how to manage their wealth and investments. Netflix, Uber, Amazon, and many other ideas have transformed their industry segments forever with seemingly effective and yet simple ideas. The insurance industry is embracing digital transformation in various ways to mitigate complex challenges it is facing from consumers, regulatory and digital landscapes. Global Insurance industry leaders are working on developing digital enterprise portals that are built for future needs. They encompass meeting future demands with predictive analytics, report on the financial performance of products, and plans to provide a bird’s eye view of all the micro and macro indicators of the insurance business. With this, we touched upon the following: 1. Insurance companies were initially slow to embrace digitalisation but have finally realised that it is vital if they want to stay competitive with insurtech disruptors. So how can the industry get the right start and perhaps the right momentum for this journey towards digital transformation. 2. Benefits that digital transformation can bring to insurance companies. 3. Key ingredients to achieving digital transformation. 4. The phases of digital transformation for Insurance Sector. Speaker Bio: Mark McDonald, who is the Head of Insurtech Strategy at Altus Ltd. Mark has over 10 years of experience working in Financial Services and he joined Altus in 2018 with a focus on General Insurance. With a background in technology and significant experience across a variety of retail FS verticals, Mark works with clients on shaping business transformation and strategy development. Mark’s main interests are around the use of emerging technology to enhance customer experience and improve operational efficiency, particularly where there are opportunities to prevent claims, as well as keeping a close eye on the Insurtech industry.