The Choice

No matter how much we try to deny it, the truth is we are living under circumstances where we are, more or less, spoilt for choice. Everything seems to carry an alternative with it regardless of which sphere it belongs to. The variety of this kind hasn’t always been there though. Previously, people had to make a meal of whatever they were able to obtain through limited means and resources. Some experts might argue that this change is nothing more than a mere by-product of capitalism, but is it really the case? Granted, the unlocking of fresher financial horizons have  encouraged more and more people to throw their hat in the ring and build something that will add to the existing variety, but that’s not the only driving factor here. Many times an isolated reason behind greater number of options could simply be more and more people admitting themselves into the radius of knowledge about something they had no idea about. The fact that is happening a lot these days is purely due to boisterous craze around technology and its bag full of components. Technology has introduced us to so many things that we didn’t know could not only exist but prove to be extremely helpful.

It was essentially a similar moment of an epiphany in insurance sector as well. After spending years with a basic structure, things were becoming stagnant for the insurance providers, and at the same time technology came knocking on the door. Once the decision to digitize the industry was finalized, another choice demanded to be made. It’s a fact not concealed from anyone that insurance sector has been a bit slow in its evolution. That’s not just because any hesitation regarding going digital. Instead, it’s largely because the companies simply lacked the infrastructure of becoming successful this way. To tackle this, the insurance providers came up with a solution that was rooted in the traditional approach but projected modern success. The choice was between acquisitions and partnerships, with the shared goal being fostering collaboration to create a flourishing mix.

As it stands, the industry has left the decision to technology, as the providers focus on putting-together the best combinations according to their needs by mainly using components like AI, telematics, data analytics, IoT, and machine learning. Irrespective of what direction the industry goes in, exciting times are certain to be in store.