Insurance Journal (4th Quarter 2021)

Guest Contribution
gadgets of the past such as smart
phones and watches have brought
i m m e n s e c o n v e n i e n c e a n d
information on our fingertips.
The pace with which digital
transformation is taking place in our
personal and professional lives across
the world is remarkable. The
transformation is not limited to a
particular society or industry but
encompasses all sections of the
society and industries globally. People
want information quickly and buy
products with ease. By the virtue of
technology, they have a source to find
the information needed, compare it
with identical products and make a
purchase from the comfort of their
couches. For many, if their
expectations are not met in a timely
manner, they have alternatives to get
whatever they need without any
hassle.
The transformation brought by these
magical gadgets in our personal and
professional lives has given each one
of us the opportunity and ability to
become a Bionic Human and do
wonders in our personal as well as
professional lives.
Going through some random articles
on the web, I read the term Bionic
Insurer being defined as an insurance
company that combines human and
technological capabilities to stimulate
high levels of efficiency by bringing
innovation resulting in customer
satisfaction and growth.
In this hyper age, every professional
can use his / her potential to become
and act as a Bionic Professional.
Digital transformation in our industry
has made communicating with
Insureds much easier and quicker. On
the other hand, the tech suave
Policyholders also expect Insurers to
respond better, faster and tailored to
their personal needs.
To meet the high expectations, the
Insurer would need to become the
Bionic Insurer. The Insurers must
understand that enabling digital
transformation is a must in any
industry and theirs is not an exception
or as we put in insurance terminology
“an exclusion”. Understanding this is
only one side of the coin, the second
part is to practically work for the
digital transformation. The second
part is by far the most difficult, time
consuming and hectic mission. The
transformation to digitalization does
not only require an appetite for
learning of technologies but also solid
determination to overcome the
impediments confronted in its
fulfillment.
We hear every now and then that
digital transformation is essential to
fulfill the needs of Customers.
However, in my opinion, the Insurers
need it more than their customers do.
The investment in technology by
Insurers today aiming to improve
efficiency, reduce costs and benefit
employees will help them tomorrow
to alleviate risks posed by disruptive
technologies and start-ups in the
industry.
Finally, Insurers must come out of
their traditional approach and
encourage experimentation and new
ways of thinking to become Bionic
Insurance Company. Innovation
requires research and the best way to
do this is collaborating with
technologists. By encouraging staff to
experiment, apply new ideas, and
engage with technologists /
collaborators to co-develop, Insurers
can withstand the cut-throat
competitive environment and stay one
step ahead of whatever comes next in
this ever-evolving industry.
Insurance Journal October, November, December 2021
14
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