As the commercial insurance market grows, insurers are applying digital and data-related technology solutions to develop new products, expand distribution, and optimize underwriting for greater profitability.
For modern insurance companies, test automation is key to ensuring smooth customer experiences and keeping loyal customers.
Computing-based innovation, driven by ever cheaper technology will continue to double in ever shorter periods of time, with profound implications for the insurance claims process.
Insurer IT leaders should showcase high-value use cases from the outset to bolster support from the leadership team, ensure data and analytics stay top of mind, and realize benefits early on.
The path forward is clear: embrace and implement architectures that reinforce Agile principals and create a much better foundation for a dynamic enterprise of the future.
Insurers are good at selling through traditional forms of distribution, but there is a large pool of younger customer prospects that must not be overlooked.
With more flexible technology architecture and modular capabilities, insurers now have alternatives that are lower cost, more configurable and more compatible with digital strategies.
An organization can never become truly Agile until it creates an overall enterprise architecture that is specifically designed to be Agile.
Large insurers and early-stage InsurTechs are strange bedfellows, but these partners will need to establish deeper relationships to make digital transformation of commercial insurance a reality.
Carriers can mitigate the impact of exogenous shifts on the market by considering the utility of digital technology, analytics, product and distribution capabilities for maintaining their competitive edge.