Digital transformation in insurance has become imperative due to pressures from emerging technologies and new market entrants. Kamiel Buow from Citi emphasizes the need for traditional insurers to adapt by integrating new technologies within legacy systems. He highlights the potential benefits of digitizing payment processes for premiums and claims, improving customer experience and operational efficiency. Treasury functions should evolve into innovation leaders, engaging in enterprise-wide initiatives. Emerging technologies, such as digital assets and tokenization, hold promise for reshaping insurance operations, promoting focused use cases to encourage broader adoption.
Traditional insurance is facing pressures, both on the margin side, because of the opportunities these new technologies provide and the new entrants in the markets.
[They're] digitizing claim payments, as insurance companies are looking to automate their entire claims management and streamline the payment processes.
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