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6 Challenges to Digital Payment Adoption in the Insurance Industry
Insurance payments are going digital. Many insurers already accept inbound premium payments from policyholders. Now...
Changes in consumer behavior toward digital demand increased exponentially in 2020. As Satya Nadella, Microsoft’s CEO stated last year, “We’ve seen two years’ worth of digital transformation in two months.” The increasing customer demand for a superior digital experience has driven the need for insurers to accelerate their digital strategies. Meeting the ever evolving and increasing digital needs and expectations of today’s customer requires insurers to be able to pivot quickly and get to market even faster, while still focusing on cost savings, operational efficiency and business continuity. It would be almost impossible for an insurer to have the resources and expert capabilities to handle these challenges on their own. It takes strategic partnerships and a strong ecosystem for insurers to be able to provide a truly personalized digital customer experience. Partner ecosystems also play a pivotal role in an insurer’s ability to innovate and grow.