CHANGING THE CULTURE AND MINDSET OF THE INSURANCE INDUSTRY

Abstract

Nowadays with the emergence of the InsurTech business model which is the combination of insurance and emerging technologies, countless startups have emerged and embraced customer-centric concepts centered on artificial intelligence and behavioral economics. The issue of changing culture and attitudes in the insurance industry is critical in today's business environment. The insurance industry faces a variety of challenges, including increased competition, regulatory changes, evolving customer expectations, and technological disruption. To remain competitive and relevant, insurers must adapt and transform their culture and mindset.