Welcome to the Era of Digital Business for Insurance

Within the insurance industry, the risk transfer–centered business model is often praised as a fundamental pillar of societal resilience. While this model helps individuals and businesses address risk management and prevention changes, it has faced scrutiny from the public ever since the inception of the insurance industry. In fact, the debate on the purpose of insurance dates as far back as 1925, when American author Liam McCurry drew unsettling parallels between insurance and terrorism, stating that both capitalize on fear. There is also a widespread misconception that insurance fraudsters are not true criminals. The idea that defrauding insurers carries no consequences has become culturally accepted over the decades. Today’s era of permanent upheavals and humanitarian crises has only put insurance under a sharper spotlight, with fresh reinterpretations of what the industry’s mission should be. In 2021, the CEO and co-founder of a prominent New York-based insurance technology (insurtech) firm stated that an insurer should be evaluated based on how much profit it generates as well as how well its interests align with those of its customers and the broader community. This statement sheds light on the heated debate about the alleged conflict of interest deeply embedded in the way insurers operate — that insurers prioritize their own financial gain over the approval of legitimate claims

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