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A McKinsey study from 2019 about digitization in insurance says that as disruptive technologies evolve even further, insurers may end up automating 50-60% of back-office operations.
With the onset of the COVID-19 pandemic, digital disruption has been even more rapid as consumer demand for digitized services has shot up.
Digitization in insurance: Moving forward
Predictive analytics, artificial intelligence, and cloud computing are examples of disruptive digital innovation that will not go away. Insurers will need to abandon outdated legacy systems and fully embrace digitized insurance in the coming years as systems and objects become progressively more digitally interconnected.
A fully integrated enterprise insurance software, such as SimpleINSPIRE, provides the ability to leverage smart automation, AI/ML workflow and IoT technology. To begin on this process of modern digitization in insurance, speak to our AI experts, today.
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