The insurance industry is undergoing significant disruption, driven by changing consumer expectations, new competitors like InsurTech platforms, and the shift toward data-driven, service-based models. The pandemic has intensified these challenges while highlighting opportunities to leverage data for personalized experiences. Customers, especially millennials, demand digital engagement, efficient processes, and tailored products. Insurers must use data from connected devices, telematics, and IoT to offer personalized coverage and manage risk effectively. Success depends on unifying customer data across systems, forging alliances with startups, and adopting innovative technologies to remain competitive.

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