Digital Solutions

Insurance companies must reinvent themselves as technology-forward companies that can deliver customized products and highly personalized services to meet new expectations from customers and keep in step with new digital leaders. Going forward, insurers must support multi-channel engagement; embrace platform technologies including cloud and APIs to support increased real-time data exchange across systems; use advanced digital and data analytics to rethink underwriting; embrace ecosystems for access to data, distribution channels and digital capabilities from a growing array of partners; and implement digital experience platforms to build next-gen customer experiences. These capabilities must leverage next-gen core technology to realize the value of digital transformation.

Across most industries including insurance, companies have struggled to keep pace with the demand for digitization, particularly as customers have accelerated their adoption of digital in all aspects of their life. We are at the beginning of the redefinition and value creation revolution for insurance, particularly with the growing ecosystems that provide new data sources, innovative capabilities, and interesting services, all of which create a multiplier effect. The result is an irrevocable change to risk markets, the insurance value chain, the definition of a product, channels and so much more.

Over the last decade insurers have gotten “portal happy” – creating portals for every type of transaction, not just for customers, but for distributors as well. The result was layers of solutions that created a maze of confusion, cost, and dissatisfaction.