The rise of Insurtech’s has also increased competition in the industry by means of technology and innovative digital solutions and products that target offering competitive insurance products and better experiences for customers.
Increased regulatory scrutiny about risk management and more transparency has compelled more upon insurance companies' uses of data analytics and digital technologies for ensuring compliance and assessments of risks. The last factor that is accelerating the need for digital transformation is the pandemic of COVID-19. With social distancing enforced in many countries, digital channels became the primary means of interacting with customers.