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Dragged into Tomorrowland: Why insurers need to transform to support their business

Blog by Bill Freitag published in Property Casualty 360

Would insurers rather be enticed and pulled into the future by the motivation and promise of transformational technologies or pushed into transformation by circumstances that lie outside of their control? This is a question every CEO and CIO should face and answer as they evaluate the next steps in modernization that will lead to their secure futures.

In the past, the forces that had a bearing upon insurers and their businesses were primarily competitive, lying within the insurance industry itself. Today, however, pressures coming from outside the industry, such as a digital way of life and widespread consumerization, are weighing upon the capabilities of entrenched systems and processes. The entire insurance industry, as a whole, is grappling with prototypes that will keep it relevant. A close look at the business with an eye on the future will yield a greater understanding of the reasons insurers need to transform.

In general terms, transformation is a matter of business priorities. Insurers need to transform to improve the business and meet business imperatives. This idea isn’t new. But insurance competitiveness is now at the forefront of industry concerns. Remaining competitive and growing the business is the main reason that transformation must occur.

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