According to the Market Research Report published by Fortune Business Insights in April 2023 for the base year 2022, “The global big data analytics market size was valued at $271.83 billion in 2022”. Of this, the Banking and Financial Services and Insurance (BFSI) industry holds 23%, one of the biggest chunk. The report further adds,...
Marketplaces are rife with the frenzy caused by disruptions that include COVID-19, the ongoing Russia-Ukraine fallout, and the resulting threats of global recession on one hand, and digital convergence on the other. Most insurers have pivoted well and are growing by widening and diversifying their product offerings to meet the requirements of this ‘new world’....
A customer’s experience is the single factor that has the biggest impact on their loyalty, highlighting the importance of customer centricity in the insurance sector. According to the State of Connected Customer survey, 84% of customers believe that a company’s customer experience is just as crucial as its goods or services. Despite this, there is...
The insurance sector, for the past several years, has been seeing several changes across industries. Especially in a recent couple of years, most insurance lines have been in flux due to several reasons. Insuretech, data-driven operations, new entrants disrupting the industry and increasing competition, and the ever-changing and growing customer demands are a few factors...
