6CIOReview | | DECEMBER 2020The insurance sector is a late bloomer when it comes to the adoption of cutting-edge technologies. Until the digital revolution accelerated, the Insurance sector was content with its legacy models. However, with the rapid proliferation of the new-age technologies such as Artificial Intelligence (AI) and Internet of Things (IoT), the industry landscape is evolving and the industry incumbents are making strategies to enable the digital transformation of their firms. The adoption of any new insurance technology should be a top-down exercise and C-suite must lead the effort. From gauging penetration of the new age insurance tech solutions vis-a-vis change in consumer behavior, the CIO needs to run the show and usher the era of digital transformation in the organization.The insurance industry stands on the precipice of profound change. And this disruption is not just digital. Demanding customers, new competitors and a changing set of challenges are transforming the insurance industry.The speed at which COVID-19 is impacting many businesses around the world is unprecedented. Insurance companies are no different--they are facing a number of issues following the coronavirus outbreak. In such difficult circumstances, insurers need to strive to increase efficiency and reduce costs by using technology and creating new products and services tailored to the changing expectations of digital customers. In the midst of the COVID-19 crisis, insurance companies are practically forced to start collaborating with mature insurtechs or third-party specialists to develop innovative solutions. Many insurers seem to understand that, which opens up new possibilities for insurtechs that are mature and capable enough to partner up and enable quick market launches. Not to mention that established insurtechs like Lemonade or robust comparison platforms will still have a chance to thrive in a more "digital" environment that the COVID-19 crisis created. Insurance companies still struggle to provide their customers with the value they're looking for. Most of them are afraid to take steps to introduce value innovation and to stand out. With this approach, clients see them as commodity providers and price is the only factor that differentiates them from competitors. We've described phenomena and activities that are the fundament of transformation, however, each case is different and there is no one optimal strategy for all. Let us know your thoughts.EditorialThe Changing Landscape of Insurance TechCopyright © 2020 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.CIOReviewEmail:sales@cioreview.comeditor@cioreview.commarketing@cioreview.com December - 28 - 2020, Vol 09, Issue - 118 (ISSN 2644-237X) Published by ValleyMedia, Inc.To subscribe to CIOReviewVisit www.cioreview.com CIOReviewEditorial StaffAaron PierceCarolynn WaltersShirley FaithRussell ThomasVisualizersIssac GeorgeVictor Cruz*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffJustin Smith Managing Editoreditor@cioreview.comManaging EditorJustin SmithSalesStephen Thomasstephen.thomas@cioreview.com Dean Winchester
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