Prudential Financial and Assurance IQ
Aon and CoverWallet
Bold Penguin and RiskGenius
Lemonade and Metromile
Expand on digital integration.
It's been a long and difficult journey for insurance carriers to move from a product-centered
perspective to a customer-focused one. The company's core IT systems -- its inner
"plumbing" -- was not designed for modern digital transformation. Legacy systems…siloed
data repositories…individual applications and tools. With the increasing speed and
competitiveness of today's markets, it is imperative that companies prioritize system and
workflow integration.
The Economist Intelligence Unit (EIU) recently
conducted a survey of 1,002 IT decision-makers
and senior business executives across six different industries (including insurance). When
asked where improvements in IT infrastructure were needed the most, 69% cited "integrating
information and workflows across the organization and changing systems and processes
quickly". These two responses, which tied for second place in the report, highlighted the need
for digital integration.
Increase investments in AI and analytics and automation technologies.
In the same EIU report, respondents were asked what types of technology will be most
important to the success of their organization over the next 12 months. Their answers: AI and
machine learning took second place (37%), data science and analytics took third place (34%),
and automation took fourth place (33%). (First place was cloud computing -- in case you were
wondering.)
Based on these findings, it is important that insurers define how these technologies will
support the business. A multi-year strategy is required to map out the business needs for
these technologies, as well as the talent to support it. It also requires looking "outside" the
organization. For companies to reach the next level of their development, it may require the
support of partnerships, mergers and acquisitions or venture-capital investments. The
landscape is rife with these transactions over the years, including:
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