The insurance industry has a history of being hesitant to change. However, with an onset of technological advancements the industry is changing along with customer expectations.
Insurance companies are beginning to look for more ways to improve the customer experience and to take on a competitive edge in the industry. Following an innovation model carved by the major banking players, insurance companies are recognizing an economic shift in the presentation of the services they offer. The need for a more user-friendly insurance has become apparent to the big players.
In the next few years a curve ball of change will be hitting the insurance market, with some companies taking the risk of implementing changes immediately while the companies making slower progress may just sit back and watch what happens. One thing is for sure, it will be an interesting case study on the innovation of a vital industry.
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