Insurers need to find new ways to build capabilities to meet the digital needs of their customers as big technology companies and non-traditional players enter the insurance market, according to the recently released World InsurTech Report 2020 (WITR) from consulting firm Capgemini and Efma, a global non-profit organization that facilitates networking between decision-makers at insurance firms and banks.
The coronavirus pandemic has accelerated insurance digitalization in order to meet customer demand, the report says, and adopting a new mindset, leveraging intelligent processes, and collaborating with ecosystem partners will be crucial for insurers to meet rising business and customer needs.
