For the insurance industry, a new wave of technological changes has created both challenges and opportunities. Still, the ultimate success of incorporating new technologies is influenced by several internal and external factors. The Internet of Things (IoT), cloud computing, advanced analytics, blockchain, mobile phones, digital platforms, and artificial intelligence (AI) are providing countless ways to engage with customers, reduce cost, improve efficiency, and expand insurability. These technologies are also enabling the creation of new insurance products, services, and business models. And while emerging technology provides opportunities for traditional insurers to modernize and reinvent themselves, it also forces them to respond to new competitions from increasingly well-funded and agile software-based companies that are beginning to make inroads in the market by focusing on unmet consumer demand, bringing down cost and providing new services. Such innovation has also produced enormous opportunities for established insurers to modernize, create new insurance products and services. It has led to the emergence of many startups seeking to significantly enhance the way insurance has traditionally been assembled, purchased, and experienced.
Increasingly, incumbents are compelled to strategize about ways to routinely innovate and establish superior digital experiences in response to disruptors who have made notable inroads in the market. In future, both competition and partnerships between tech-savvy incumbents and increasingly well-funded new market entrants are expected to rise. In our selection, we have looked at the vendor's capability to fulfill the burning need for cost-effective and flexible solutions that add value to your business. We present to you Insurance CIO Outlook's "Top 10 Tech Solution for Life Insurance - 2020."
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