The insurance industry is set to be revolutionized like never before, with real-time connectivity, IoT integrations, big data, and blockchain coming into the picture. Consequently, the traditional forms of insurance are slowly making way for the tech-powered insurance of the future, along with innovative models like subscription-based and usage-based insurance. However, amidst these major developments, insurance companies find it a big challenge to change and adapt to legacy systems limitations or a lack of building system limitations or a lack of tech expertise. The conventional practice of building system capabilities ground up, to accommodate sophisticated, high-cost technology is no longer feasible, nor affordable owing to the speed with which technology emerges and evolves in the recent times. These roadblocks are preventing insurance companies from taking full advantage of these innovative and disruptive technologies to sustain and grow their business.
