In 2020s customer-centricity, business partnership and rapid technology will rev the engine of change, and increasingly savvy regulators will give it a green light.
Each of these areas will influence customers, risks, and operations over time, but the four themes identified in this piece are most likely to have the biggest near-term impact on the industry.
Enable AI-powered triage to serve your honest customers exceptionally fast, while instantaneously flagging bad risks for further investigation, or not bringing them into the business in the first place.
Although data is the heart and soul of businesses, few IT shops have a vision of what the data architecture should look like to effectively meet the business demand for futuristic flexible information system.
Novarica’s recent study shows overall IT spending ratios inching upward as insurers invest in greater speed-to-market, ease of doing business, and improved digital and data/analytics capabilities.
With ongoing advancements in data and analytics, insurers can continue to offer more competitive, compelling, and customized products to the market.
Technology officers are consumed by issues such as scalability, security, databases and operational issues, yet few have a structured and systematic approach to manage NFRs.
Self-service is important, but insurance will always be about trust and relationships so insurers need to balance digital investments in order to focus on ways to deepen human relationships, not replace them.
Announcements of new startups have not slowed, and the industry is seeing more second-round investments and larger funding amounts.
To manage the future of insurance processing and regulatory risks, carriers must be able to better understand and manage their business processes.