The insurance industry finds itself in a time of accelerating technology-driven change. Intuitive digital engagements for all stakeholders in the insurance lifecycle, and personalised and tailored products for personal and commercial lines insurance customers require more than just a core system transformation.
Customer expectations keep rising. Many new insurance relevant data streams and digitally native business models are emerging, sometimes from new entrants and non-insurance players. New areas of risks, such as supply chain disruption and cyber terrorism, represent new underwriting opportunities.
There are many other examples of change offering significant opportunities as well as threats to insurers. This poses the question as to how insurers should respond.
This blog highlights the consistent imperatives facing insurers and why insurers need to employ a platform that unifies three elements: software, services, and a partner ecosystem to power their businesses.