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A menagerie of wireless phones, laptops and tablets. Legacy giants and small players alike believe the rapid rise of innovation within the insurance industry will pave the way toward personalization and customer-centricity. (Image: Shutterstock)

Last year’s series of extraordinary events have forced insurance, a notable digital laggard, into action. Experts claim that the insurance sphere has experienced the equivalent of five years’ worth of digital acceleration in a matter of months, having adopted a remote workforce, developed new digital customer journeys and embraced AI and data-driven technology. Importantly, this trend looks likely to stick, with IBM predicting that insurers are now on a mission to use this tech to shape a more human approach to their service.

Customers, for their part, remain skeptical. The industry’s decades-long track record of inefficient, analog processes is all too fresh, with a recent study showing more than 40% reporting they don’t fully trust their insurer and a further 64% saying they want their insurer to understand them better.

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