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Digital transformation is a term you’ve likely already encountered. It has transformed countless commercial industries – from manufacturing and retail to hospitality and healthcare.
There are typically five stages a health insurance company goes through when developing new products, and then managing them once they’re live: product innovation, product quoting, product onboarding, product servicing, and product marketing.
Insurance companies today know the value of digital technologies – these tools have transformed the industry across all facets of operations.
The insurance industry is being transformed by digital innovation. In fact, few sectors have experienced a more significant digital evolution than insurance.
Data is arguably the most valuable currency of the digital age, and insurance companies are sitting on a veritable goldmine. Insurance companies experience a near-constant influx of data — actuarial data, market data, claims data, customer data, and so on.