Digitization has been touted as a catalyst for unprecedented change, and has resulted in constant disruption to existing business models, processes and services for insurance operators. While low interest rates, changing regulations, increasing acquisition costs and uncontrollable losses from natural disasters are also adding to this unstable financial markets of insurance operators.
All these issue will take the center-stage at the inaugural edition of InsurTech Integrated, convened by leading financial intelligence platform, Middle East Global Advisors. This will be held in strategic partnership with the Dubai International Financial Centre (DIFC) and will gravitate around the theme of “Harnessing disruptive technologies to thrive in a digital era”.
In light of the constant technological disruption of the insurance industry, InsurTech Integrated will pioneer discussions focused on developing suggestions for adaptable digital strategies for insurance operators that besides enhancing customer experience, will lead to economies of scale in the long run.
Leading technology gurus will converge to analyze and discuss the issues at hand whilst offering valuable insights for the smooth adoption of digitized processes that will chart the way ahead for the insurance industry.
InsurTech Integrated will take place on April 12 at the Dusit Thani Hotel in Dubai.
The stream aims to highlight the importance of developing digital proficiency amongst insurance operators in the light of stiff competition by spearheading a series of insight-generating discussions.
In the past, it is being observed that the insurance companies have been feeling the pinch greater than before to constantly innovate and evolve their strategies to thrive and maintain a unique edge amongst competitors.
It is being observed that with a host of obstacles like culture constraints, legacy technology and slow pace of delivery, insurance operators have been ill-equipped to handle the changes that digitization brought. Enhancing customer value and establishing a direct control of customer relationships have been established as key drivers for adopting digitization, taking precedence over acquiring new clients and increasing sales. With increasing acquisition costs, customer retention becomes all the more crucial and has emerged as a critical milestone that insurance operators seek to achieve (EY Global Insurance Digital Survey 2013).
However, a leading global digital survey established that insurance operators who opted for a thoughtfully executed and adaptable digital strategy are more successful than their counterparts at reducing customer service costs whilst increasing customer satisfaction and retention (EY Transforming Customer Service in Insurance Through Digital Innovation 2015).