Source: Datameer | 2018 Author: John Morrell Digital transformation is disrupting the insurance industry with the digitization of underwriting at the heart of this change.
Digitalization of underwriting can also enable a retail-style to reach new demographics that often prefer a more virtual experience.
Deloitte’s 2018 Insurance Industry Outlook on insurance underwriting suggests the likelihood of prospects buying a policy once they apply increases from about 70 percent to nearly 90 percent as the underwriting and application process gets closer to real time.
New internet-born disruptors are regularly emerging to challenge incumbents in the race for these new segments.
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