The recent PwC report titled, “Next in Insurance: Key trends shaping the future of the Middle East insurance industry”, shares the impacting trends that the insurance industry is steering towards:
With increasing use of bionic advisers, data inputs from various IoT devices and the use of Digital Twins of Customers (DToC) enables insurers to set the right strategy, capabilities and urgency to innovate and adapt quickly.
Create a seamless and value driven customer experience -addressing customer needs in real time by utilizing data and new technologies to create personalized experiences and products
The rising threat of climate change poses greater risks for the insurance industry. to protect against these risks, insurers need to reflect the real economic value in the reporting standards and adopt to the new IFRS17 accounting practices as well as the emerging ESG practices.
The report suggests several ways to reimagine insurance business:
Also highlights: To remain competitive, insurers are expected to continue transforming how they serve and manage their customers.
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