The insurance industry is undergoing a significant transformation due to rapid technological advancements and changing consumer demands. While risks like credit and market risk are increasingly monitored in real time, operational risk management remains outdated, relying on traditional audits. This gap has led to unaddressed exposures and eroded trust between insurers and clients. As intangible assets have surged from 17% in 1975 to 87% today, the industry's slow tech adoption has widened protection gaps, particularly for emerging risks like cyber threats. While retail insurance adapts through partnerships with InsurTechs, corporate insurance lags, presenting both challenges and opportunities. Enhancing data quality and integrity through technology will enable insurers to track operational risks dynamically, restore trust, and offer customizable, dynamically priced policies, ultimately reshaping the industry into a more customer-centric and resilient model.