Executive Exchange: Pandemic Lockdown Speeds Insurance Digitization Growth
The global pandemic accelerated many technological advances that were already underway in the insurance industry – changes that are likely to pick up speed as COVID-19 recedes, according to Rohit Verma, CEO, Crawford & Co.
Triple-I CEO Sean Kevelighan recently spoke with Verma about the dramatic changes taking place as virtual interactions became more necessary and expected by consumers – especially in the early stages of the COVID-19 crisis. Crawford is a global provider of claims management solutions.
“We have a self-service app which had probably a seven to 10 percent adoption rate,” Verma said in the conversation, which you can watch in full below. “Within the first three months, that adoption rate went up from seven to 10 percent to about 35 to 40 percent.”
Verma said he expects further acceleration of digitization in insurance, with start-ups partnering with larger, established companies to transform how insurance is done. The biggest obstacle, as he sees it, is the question: “Do we approach problems with a viewpoint of how we do solve them digitally, or do we approach them on how we solve them traditionally?”
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