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Reshaping business models using the machine-first approach to improve efficiency
Life and non-life insurers have leveraged commercial off-the-shelf (COTS) platforms to enable digital transformation in insurance. However, there is scope to further enhance value. This will entail reimagining business models rather than just digitalizing business processes and services. In our view, adopting the Machine First™ approach in insurance can help engender innovational changes to insurance business models, enable a swift response to market and macro-economic shifts, and improve operational efficiency by leveraging automation, artificial intelligence (AI), internet of things (IoT), and advanced analytics. The machine first approach will help insurers deliver consistent customer experience, enable straight-through processing, and design unique but simple products. To implement the machine-first approach in insurance, insurers must:
- Augment technology with context
- Redefine business value with focus on customer centricity
- Build purpose-driven ecosystems to unlock value
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