“digital Transformation In European Insurance: Enhancing Customer Benefits” – We use cookies to help personalize content, tailor and measure advertising, and provide a safer experience. By browsing this site you agree to the use of cookies to collect information on this site. By accepting our Cookie Policy, you allow us to collect and use your data on third-party platforms.

The insurance industry is under pressure as consumers shift spending toward the new technological frontier. Meanwhile, insurtech startups are making it easier than ever for customers to find and buy insurance products online.

“digital Transformation In European Insurance: Enhancing Customer Benefits”

We are seeing rapid adoption of remote signature and customer service technologies, digital collaboration tools and innovative digital products.

Study: Banks In The Usa And Asia More Profitable, Efficient And Digital Than In Europe

What will happen in the future as digital technology becomes the new normal? What should insurance executives be prepared for? Here are 16 digital transformation trends that will shape the insurance industry in the coming years:

In the past, insurance companies used IT as a way to cut costs. The focus now is on how technology can help organizations drive growth and improve customer engagement.

One of the most visible trends in enterprise IT is the standardization of low-code/no-code development. Although no-code tools have become the new norm in the SMB space, most enterprises continue to rely on traditional development projects supported by internal resources or external integrators.

However, this is now changing as vendors start offering mature enterprise-grade no-code tools focused on security and compliance. As a result, enterprises can now offload some of the development burden to business users while retaining management and control.

The Future Of Insurance: Ai, Automation & Digital Transformation In Europe

Such tools are growing in popularity because they solve some of the pressing problems facing IT teams. No-code tools take advantage of overstretched internal resources, reduce latency, and improve performance.

The most attractive quality of no-code tools is the faster time-to-market of new digital applications and products compared to traditional development projects. With no-code tools, insurers can now deliver better applications faster, improve customer engagement, and improve overall service quality.

An application programming interface (API) is a set of rules that govern how one piece of software interacts with another. APIs have proliferated in recent years as companies seek to open up their data and functionality to third-party developers.

In the insurance industry, APIs are used to develop new digital products and services. For example, some insurance companies use APIs to provide real-time pricing to customers, while others use them to power chatbots and other digital customer service tools.

Disrupting European Banking: The Fintech Startups That Are Unbundling Hsbc, Santander, And Bnp

As the need for digital integration grows, the popularity and use of APIs (Application Programming Interfaces) will continue to grow. Many traditional businesses now want to open up their data and systems to third-party developers to create new digital capabilities and business models.

This trend is driven by the need for agility and speed to market, as well as the desire to gain access to new revenue streams. In the insurance industry, we are seeing more and more insurance companies deploying APIs that allow third-party developers to build new applications and services on top of their core systems.

Going forward, we expect more insurance companies to leverage APIs as they look to capitalize on growing demand for insurance products delivered through digital channels.

It might sound scary, but “headless technology” is fairly innocuous and has been with us for a while.

Telco Digital Transformation: Key Factors For 2023

The most famous example of headless technology can be found in website development. A traditional website has a backend and a frontend as well as a graphical user interface.

In a sense, headless technology is an additional trend that goes hand in hand with no-code tools for designing customer-centric interfaces. Insurers can now decouple the front-end presentation layer from the back-end data functions to create a personalized digital experience.

This is especially important in the insurance industry, where backends are riddled with legacy technology issues that largely make them incompatible with the modern interfaces customers expect.

Share:

Leave a Reply

Your email address will not be published. Required fields are marked *