August 20196 The insurance industry, for long, has lagged behind other sectors in adopting digital technologies, making the domain variable to disruption. However, today, in the wake of changing market demands, insurance organizations are taking their first steps into a new age--one that tailors itself to fit every moment. Insurance products and services are evolving and adapting in line with customer behaviors and context. Technological disruptions such as big data, artificial intelligence, blockchain, IoT, and automation are driving a shift in the way insurers approach risk and fundamentally changing the business model. Going forward, these innovations will continue to be the decisive force in helping to unlock growth, lowering operating costs, and driving cultural change for insurance firms. Blockchain, with its ability to provide complete accountability, transparency, and superior security promises to save insurers time and money, as well as improve customer satisfaction. The distributed ledger technology will also eliminate suspicious and duplicate transactions by logging each transaction. Through its decentralized digital repository, one can verify the authenticity of customers, policies, and transactions by providing historical records, making it more difficult for hackers to corrupt and steal files. That being said, with IoT continuing to become more useful, insurers can utilize real-time data to meet and enhance business objectives. This will not only boost efficiency and revenue but also promote better customer service. In addition, as big data revolution continues to expand, IoT adoption in the insurance industry is only expected to grow. The two will enable the collection of data in real-time, resulting in lower premiums for insureds willing to participate. Moreover, tasks such as calculating premiums and payouts, analyzing information to determine the risks involved in any given policy, which were earlier performed by professionals, can now be automated with the use of big data. This will make risk calculation much more accurate.As a multitude of such technologies is set to nurture the growth of the insurance industry, APAC CIO Outlook has taken up the responsibility of examining and analyzing some of the promising solutions developed by market leaders. This edition of the magazine features a list of prime vendors that are at the top of their game along with insightful articles from several thought leaders. We hope the valuable information and the innovative solutions from leading companies will help you in effectively in making informed decisions for your business endeavors. Let us know your thoughts!Annie Johnson To subscribe to APACCIOOutlookVisit www.apacciooutlook.comArt & GraphicsAmelia StewartFlynn SmythToby LangtonJie Ch'angManaging EditorAnnie JohnsonEditorialEnhancing Business, Creating Unique ExperiencesSenior WritersLane Adams Clara MathewRoyce D'SouzaEditorialAlfred MardinLouis BeckerRachael ClarkRoy ChowDai ShihShiv ShankerCopyright © 2019 ValleyMedia Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.AUGUST - 09 - 2019, Volume 05 - Issue - 40 (ISSN 2644-2876)Published by ValleyMedia Inc.*"Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff"Emailsales@apacciooutlook.comeditor@apacciooutlook.commarketing@apacciooutlook.comContact usPhone: +1 510.996.5168Fax: 510-894-8405Annie JohnsonManaging Editoreditor@apacciooutlook.com
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