Page 7 - TurkInsurance Digital Magazine

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Trend of digitalization

in insurance market

enhances the success rate

of companies

Digital developments that have accelerated in
recent years are reshaping the processes worldwide,

including Turkey. Insurance market is one of the ones
that stands out in terms of digitalization and invests
in robo-advice technologies in particular, as well as

blockchain, artificial intelligence and other robotic
systems. Companies that can comply with the digital
trends stand out among their competitors with their
rapid and solution-oriented performances.

Today’s markets that are keeping up with the rapidly expanding trend of digi-
talization aim to manage customer expectations accurately with new practices
and applications that make the lives of their customers much easier. Those
markets are observed to have shown more active and profitable performances,
opposing to those failing to do so – which experience problems in operational
processes as well as losing their competitive power. What’s worse is that they
face the risk of not being able to manage the customer expectations.

In recent years, digital technologies are being used in many different areas, in-
surance market being one of the most particular ones. Insurance market highly
values digitalization as a tool that brings great value for the customers while
accelerating operational processes and reducing costs. Keeping up with digital
developments is not a luxury but an obligation in today’s world, and it also ap-
plies to the insurance market to a great extent. Digital advances dominate the
competitive environment between insurance companies, becoming an essential
part of the market.

Number of people using smart phones to reach 2 billion by the end
of 2018

Experts estimate that by the end of 2018, number of people using tablets will
reach 1.43 billion and number of people using smart phones will reach 2 bil-
lion. By the end of 2020, number of objects that are connected to the internet
are expected to reach as high as 25 billion. Insurance market closely follows
up the digital advances and is going through a significant transformation in its
service structure. By developing digital solutions, insurance companies analyze
customer expectations more easily and diversify their services.