Where large legacy insurance companies may be slow to change a playbook that has worked for decades, a new generation of insurance companies see an opportunity. What sets them apart is their focus on serving modern consumers with efficient and tech-savvy solutions, like forgoing brick-and-mortar locations and leveraging artificial intelligence claims processing.
The Covid-19 pandemic showcases this, a new era on how we play our day to day and make our decisions. Digital insurance companies were almost prepared for a moment like this since they were by design based on online contactless processes. As people looking for options to purchase insurance without leaving their homes, companies that were already completely digital were positioned to offer a faster response to this shift in consumer behavior.
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Story excerpt provided by Reviews.com.
Written by Samantha Kostaras.
Originally published June 9, 2020.