The global financial crisis of 2008 led to a complete transformation of processes, operating and payment systems. Years later, we are witnessing COVID-19 bringing more change to the insurance industry. This time, the industry will likely have to accelerate innovation and digital transformation, which has been a long time coming.
Through the use of AI, intelligent automation, the Internet of Things and big data technologies, we want to significantly streamline and enhance processes such as underwriting, the handling of claims, fraud management and interactions with our clients.
Our decision to become paperless is indicative of the innovation required to weather this storm. The use of technology is where the industry is going, and we are fully embracing this opportunity.
What remains for us at BrightRock is that we continue to build and maintain relationships with you, our brokers, and our clients, no matter what tools we may use.
As KPMG’s recent COVID-19 report correctly states, the insurance sector will look fundamentally different coming out of this crisis. Our industry should definitely rise to the occasion to become more agile, secure, connected, and digitally enabled. It is now up to the insurers who stay the course and keep up with the pace of this transformation who are likely to be the winners.