Accelerating success in insurance

The last decade has seen unprecedented scale and speed of change for the Insurance industry. The transformation of many digital technologies and consumer engagement channels – cloud, mobile, big data, social media – fed the rapid rise of the “new consumer” with hugely accelerated expectations. Where FinTech blazed a trail, InsurTech followed – albeit, many would say, not fast enough.

Insurance has been notoriously resistant to change; it’s not overstating things to say Insurance organizations are risk averse. But having to change or be suddenly left behind has been a blessing in disguise for the industry, which is now embracing digital transformation.

For an industry already in such upheaval, the 2020 global pandemic couldn’t have come at a worse time. To put it lightly, the Insurance sector has been stretched to its very limits while being placed in the public spotlight.

There can be no return to the “old normal.” The only way ahead is by going through the compounded current challenges. Yet knowing how to achieve new modernization objectives is no small undertaking. The complexity is two-fold; it’s not just a technology conversation but a cultural one too. Historically, the industry has championed policy at every turn. The industry knows this already and has attempted to mask its policy centricity – but now the time has come to move the customer to the heart of the story and relegate policy to the back-office contract and financial record. 

It’s time to face these challenges head-on and build a compelling foundation to future-proof growth.