How the Pandemic Shaped The Insurance Industry

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.

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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. 

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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.

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You can read more about it here.