Insurers are building upon core modernization investments and embracing innovation as the cornerstone for change and transformation. So, what’s next for the industry?
Technology changes faster than culture and practice at most insurance companies—insurers that want to fully leverage the capabilities enabled by emerging technology should look at their products and processes in the light of new technical, market, and customer realities.
Whether motivated by the need to comply with legislation or the desire to provide an excellent customer experience, there are compelling reasons why insurers need to make all documents accessible to the blind and partially sighted.
Insurers’ challenges are related to larger data volumes, the speed of the data, the complexity of the data, and also the need to turn this data into insights that improve workflow and have a positive impact on customer experience.
The value propositions for insurers include simplification, agility, and access to better data and analytics; for the platform provider: revenue and the ability to build new kinds of service offering by itself and with platform partners.
Despite being slow to change and often hindered by legacy IT and regulation, insurers must catch up to other industries to build resilience into their systems and become data-driven businesses.
Growing consumer expectations as well as significant cost advantages are leading insurance organizations to implement omnichannel capabilities—but common challenges often make achieving a true omnichannel environment seem insurmountable.
Since resistance to change is built into human nature, it’s critical that insurers adopt methods and approaches that help people become incrementally more comfortable with change as a constant over time.
Despite all the new driver assistance and accident avoidance technologies appearing in newer vehicles, the last two years have seen the largest increase in auto accidents in more than 50 years.
As regulation continues to change and become more intricate, automation of these processes becomes absolutely necessary to survive and thrive.