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Perspectives

How Insurers’ Quest for Digital Dominance is Reshaping the Industry

2021-06-09


Carriers are building a digital arsenal to combat the risks created by Black Swan events and stay ahead of customer demands in today’s hypercompetitive world.

For insurers, the pandemic turned risk into more of a rule than an exception, resulting in agility and responsiveness to Black Swan events becoming top priorities overnight. This meant insurers had to reduce processing times, anticipate customer needs and create personalized experiences in near real-time.

Not surprisingly, hyperconnectivity (IoT), automation and analytics have emerged as the key drivers of the future of work. Insurers are now in a digital arms race to catalyze revenue and growth. Even as machines take on more and more work, jobs are transforming at a rapid pace and ethical risks abound.

To understand how insurers are responding to rapid change, the Cognizant’s Center for the Future of Work (CFoW), working with Oxford Economics, surveyed 4,000 C-level executives globally, including 285 senior insurance executives.

For more, read our paper “The Work Ahead in Insurance: Vying for Digital Supremacy”.

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How Insurers’ Quest for Digital Dominance is Reshaping the Industry