The insurance industry is adopting digital and offering products online but customers today expect faster delivery timelines and personalized service. This mandates modernization of legacy IT infrastructure and agility. Not just that, we have the Gen X and millennial insurance buyers, a new-age tech savvy workforce all capable of managing their policies online, claiming insurance and renewing policies through mobile applications.
As the insurance industry makes a shift from a risk and product-centric business to a more customer-centric business it's all about speed. For instance, understanding and signing an insurance policy via an app or website, with easy-to-understand questions, all within 90 seconds. Or even settling claims in less than an hour. This is the speed that customers expect in the digital age.