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Digital transformation is impacting banks, financial services, and insurance companies (BSFIs). Advancements in artificial intelligence (AI), machine learning, mobile, robotics, and data-driven technologies are changing business fundamentals across these industries. 

Rapid developments in smartphone technology have mostly replaced ATMs and physical branch units across developed nations while enabling establishments to provide services to the tens of millions of unbanked customers in developing parts of the world.

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Insurance industry has lagged behind other sectors in new tech adoption for many years. However, with the advent of Insurtech and new technology models, the industry is making impressive strides towards digital economy, but the march is not free from its share of challenges.