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Despite the impact of COVID-19 on the global economy , the insurance sector is one of the largest business process optimisation technologies investor . In fact , IDC Research estimates that the IT spending in this segment will rise at a Compound Annual Growth Rate ( CAGR ) of 6.0 % globally to 2024 , reaching a market size of US $ 135 billion . According to a joint InfoBrief by IDC and Liferay , this can be primarily attributed to the fact that 73 % of the financial services industry is projected to maintain or increase IT spending compared to 2020 .

experiences , insurance companies should incorporate intelligence to internal and external processes for a better understanding of the customer journey , and also , align their organisation with the corporate perspective , strategy and systems .

Improving CX as the keystone for insurers

The increasing technological demands in the insurance sector are mainly due to the changing needs of a new digital customer looking for an anytime / anywhere insurance buying and servicing experience .

Market trends are shifting the entire business model of insurance , where advanced data analysis in real-time helps to create new products on the fly and present them to customers as an added value .

Therefore , to stay relevant and remain competitive in these challenging times , insurers need to meet the experience expectations of all stakeholders by using technology such as digital experience platforms , which help unify efforts towards evolving customer-centric initiatives . The stakeholders in the insurance ecosystem include customers , employees , distributors , partners , agents / brokers , carriers and insurtech players .

In this new era , technologies and processes that businesses deploy are so tightly linked to their customers and markets that the boundary between the internal aspects of the enterprise and its external ecosystem is rapidly disappearing . �

MARKET TRENDS ARE SHIFTING THE ENTIRE BUSINESS MODEL OF INSURANCE , WHERE ADVANCED DATA ANALYSIS IN REAL-TIME HELPS TO CREATE NEW PRODUCTS ON THE FLY AND PRESENT THEM TO CUSTOMERS AS AN ADDED VALUE .