As 2024 progresses, the insurance industry is undergoing a major digital transformation, reminiscent of the retail upheaval in the late 1990s. Ian Drysdale, CEO of One Inc, notes that this shift is fueled by the expectations of Gen Z and millennials, who demand seamless online experiences for everything from premium payments to claims.
One Inc aids insurers in digitizing operations to cut costs and enhance customer experience, responding to rising inflation rates that have led to increased claim payouts. “Insurers are losing money as claims exceed premiums,” Drysdale said, underscoring the need for efficiency.
A significant focus is on instant payment technologies like RTP and FedNow, enabling real-time payouts at crucial moments. “Insurers are keen on paying out immediately, especially after incidents,” Drysdale added. This transition has resulted in increased customer retention and satisfaction scores.
Looking ahead, Drysdale predicts that generative AI will personalize risk assessments and streamline pricing. The industry’s future lies in embracing these digital innovations, ensuring not only survival but also improved experiences for policyholders while maintaining essential trust and security.
