The Progression Never Stops

Say what you want, but human beings’ knack of creating something special out of nothing has been outright unprecedented. This is largely why no other species that walked the earth at some point comes close to matching all what humans have achieved. Now, the fact that the group of human beings is diverse in itself isn’t lost on anyone, but still, there is a school of thought that knits them together. The school of thought in question thrives on the core principle of purposeful innovation. While it’s a well-established fact that humans are actively looking to evolve all the time, it must be remembered that the step forward should bear some sort of purpose, and that purpose is, more often than not, improving our lives.

Over the years, we have churned out a massive number of creations, each of them bringing us closer to being this generation that has potential and ideas filled upto the brim, ideas that would have sounded too ludicrous few decades ago. Another interesting fact about this evolution of ours is that if sometimes we are not able to directly unlock the next stage of our progression, we don’t abort the mission altogether. Instead, we tinker with different combinations and observe which one hits home. That’s exactly how we landed on the concept of insurtech.

Insurtech is driving forward the values of traditional insurance with a modern touch, so to better comply with the needs of a new world. In an attempt to refashion the industry, insurance companies have integrated a variety of advanced tools that add a certain level of quality to the procedure, but their latest move shows they are set to go all in with the technology gamble. As per the reports, many life and P& C insurers have concrete plans to encourage complete automation of their core proceedings. As of now, insurance providers from both these niches have restricted the automation to data crunching, with other areas having little or no automation whatsoever.

To make the next step, both life and P&C insurers have put a 5 years transformation plan in place, which will see them achieving better efficiency in areas like assumptions, audit trail, results production, and senior management. Insurance sector has been one of the biggest recipients of technology’s excellence in establishing an analytical environment, so observing their upcoming actions should be interesting.