Changes in regulations, such as Europe’s General Data Protection Regulation (GDPR), as well as the upcoming IFRS 17, which is the updated International Financial Reporting Standard for accounting on insurance contracts, are changing the way insurance companies do business and impacting insurers’ systems, processes and controls.
Though, perhaps more significant than all of this, is the effect of digitalisation on insurance and the shift in customer expectations this brings with it.
Now, more than ever insurers are being called upon to embrace digital transformation in order to revolutionise claims handling and become truly customer-centric.
This article focuses on:
• Why it’s imperative for insurers to embrace digital channels in order to engage with customers.
• The impact of legacy systems.
• Keeping pace in a digital world.
• The benefits associated with claims automation.