The 3 main pillars of Insurance Management Automation

By: Omar Abdul-Hafiz

It’s a well-known fact that the race toward digital transformation continues to intensify across all facets of business, and the Insurtech market is not an exception. According to recent statistics, the Insurtech market is expected to garner a whopping $158.99 billion by 2030 at a CAGR of 32.7% during the forecast period of 2021-2030!

What this tells us is that there is a rising trend toward digitalization and automation in the insurance industry worldwide. The driving forces behind this trend include the race toward providing customer-centric services, as well as finding more effective methods for fraud detection. All these factors make Insurtech the go-to solution for much of the rising challenges in the insurance industry.

In this article, we shall shed the light on 3 of the core elements of an Insurance management system. Although we touched upon these three core elements briefly in an article last year, it would be useful to shed the light on them in some more detail here.

So, here we go.

 

Beyond COVID: What role can InsureTech play in the travel insurance landscape?

By: Omar Abdul-Hafiz

It is no exaggeration that 2020 was a big, unexpected super blow to the global travel industry as a whole. According to the latest data from the UNWTO World Tourism Barometer, “international tourist arrivals fell by 72% in January-October 2020.” This plunge had manifested in restrictions on travel and low consumer confidence. Furthermore, it ignited a global struggle to contain the COVID-19 virus. These factors alone easily made it the worst year for tourism ever recorded.

But amidst all these harsh events, there is always a gleam of hope. With vaccines going into action already, we can already see the light at the end of the tunnel. And this is a big chance for us to learn a lesson or two for the future.