A new piece in Coverager looks at the recent history of the digitization of the insurance industry, which was accelerated dramatically at the start of the pandemic and isn’t slowing down.
While the authors note that technology had been playing a growing role in both insurance provider and agent processes for a long time, the paradigm shifts that took place across just about all industries as a result of COVID-19 was especially tech focused in the insurance space during a time when the business was thriving as a result of increased interest in health and life insurance coverage.
Some of the aspects of the insurance industry that were most shaped by pandemic-related factors are the push toward machine learning and artificial intelligence, especially in the underwriting process; the shift away from a workforce populated almost entirely by centralized, in-office employees; and the automation of repetitive tasks that can net a huge efficiency increase via small, incremental time savings that accumulate at scale.
You can read more about it here.
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