In the seventeenth century, industrial revolution transformed how manufacturing was practiced around the world. Following the footsteps of industrial revolution, the online revolution is also gearing up to reshape the insurance industry.
There was a time when consumers had to go through piles of paperwork or use paper based transaction for purchasing and researching life, property, casualty, and auto insurance. However, the advent of digital media has metamorphosed the way world used to transact. Instead of using the conventional ways, information nowadays is searched using tablets, computers, and smart phones. In fact these devices have become very handy for researching information and connectivity. In fact the devices also assist the community driven collaborations.
Recently insurance industry is also resorting to digital solutions with regards to analytics, resolving privacy and security concerns, capitalizing on social cloud and most importantly in terms of how they can capitalize on the “mobile in hand” consumer experience.
As per reports, industry at present is building technologies not just to enable communication and interaction; rather their efforts are now directed to build platforms of technology dedicated to specific contexts.
Following are the reasons promoting the use of digital platforms for insurance in present times:
- Insurance companies are looking forward to build digital assets to augment the physical proximity with customers.
- Moreover, insurance companies from worldwide are looking forward to automate command and control functions. This has significantly boosted the demand for digitizing operations in the insurance companies.
- Insurance companies are eyeing to leverage technology so that they may be able to transform the incumbent company culture and move a few steps ahead with the concept of “connected consumers”.