Gone are the days when the insurance industry followed conventional ways of product design, marketing and underwriting. The global insurance landscape is witnessing a seismic transformation as changing consumer behaviours and technological innovations disrupt traditional insurance models. New technologies like blockchain, artificial intelligence and the Internet of things are opening new avenues for improved customer service and a drive towards reduced operational costs.

The theme of the upcoming FAIR 25th Conference in Bahrain: “Insurance Transformation in FAIR-Land”, will focus on such changes that will transform the insurance industry in FAIR-Land being the Afro-Asian region.

As customers are enjoying a myriad of insurance choices, the balance of power is shifting from the insurer to the insured. If one insurer cannot meet such demands, they will move onto another competitor. So, insurers need to move from policy-centric to customer-centric approaches for acquisition, up-selling, cross-selling and customer retention. Technology will naturally be a big enabler for insurers to help in this transformation.