Advancements & Transformation through InsurTech
Technology from the fourth industrial revolution is changing the insurance industry as a whole, opening up new channels for communication, information sharing, and insurance. Examples of this technology include cloud computing, telematics, the Internet of Things (IoT), mobile phones, blockchain technology, artificial intelligence/cognitive computing, and predictive modeling. In this sense, academics and industry professionals refer to insurTech as a subset of fintech that deals with the application of digital technology to the insurance industry.
Although the insurance sector has been among the leisureliest to adopt digital transformation, the process is now radically changing corporate culture, products and processes, customer relations, and relationships with the sector's various competitors.
The entire insurance value chain, from product development to pricing and underwriting, sales and distribution, policy and claims management, and asset and risk management, will be significantly altered by the advent of digitalization.
The development of connections between formerly isolated sectors and new rivals has also presented insurance market participants with a new insurance scenario 4.0 that will allow them to join a new ecosystem.
Every participant in the insurance industry is required to deal with and function in a macroeconomic environment where InsurTech start-ups, or young businesses that pursue technology-driven business models, are growing quickly. These new market entrants are now concentrating on activities that are unmistakably competitive with those of insurance companies and brokers rather than just simple software solutions.
While understanding the roots of the subject, the conclusions for such diversified provisions are through the latest edition of The 10 Best End-to-End Insurance Solutions Providers, forecasting the Industry leaders making an impact on socio-cultural communities and global businesses.
By inculcating this proactive approach within herself throughout her professional journey, Lynne has mastered the art of solving organisational challenges, developing strong leadership and supporting teams to achieve outstanding results.
Currently, Lynne is working as a Change Management Specialist and Leadership Coach at her own business, Lynne Peyton Consultancy.
Life-Changing Events that Shaped her Life Looking back, Lynne believes there were 4 life-changing events that contributed to her being blessed to be doing what she loves every single day, guiding leaders in organizations, supporting children and families to get better outcomes, through more effective and focused leadership.
Another incident she recalls is joining the Officer Training Corps.
That event started her formal leadership development journey and gave her an outlet for her insatiable appetite for trying new things, including driving tanks and jumping out of helicopters!
Lynne is also a member of different global masterminds and programmes.
