Insurance is a developing industry, which is now creating more value through tech breakthroughs. The insurance increases its pace towards transformation. Now it is open to innovative ideas and reinvention. Innovation comes into play at multiple fronts: from non-life insurance to property, automotive, and agriculture to the changing business environment including regulations and shifting customer expectations. All clients’ digital experience is already shaped by the global tech revolution. It is crucial for insurance companies to leverage their tech services, for example, automation, connected spaces, integrations, mobile, and web solutions to meet customer expectations. Digital tools help to build a better connection with customers, demonstrate efficient decision-making, increase automation, and improve cost-saving policy. To unlock the potential, insurers should scale up and increase productivity by introducing tech solutions into business processes. To be more concrete:
- In the USA there are up to 6,000 insurance companies. They employ about 2.8 million people. The US insurance business sector contributes about $630 billion to the economy.
- In the UK there are about 400 insurance companies. They employ around 300,000 workers. The UK insurance business sector contributes about £35 billion to the economy.