Insurance Innovation
Key Takeaways
Data modernization priorities
Insurance firms have diverse priorities, with enhancing data accessibility, security measures and compliance emerging as top concerns, underscoring the critical role of data in driving transformation.
Rapid product development challenges
Aligning distribution channels, integrating with legacy systems and navigating regulatory compliance represent the biggest hurdles for insurers in their quest for agile product development.
Core transformation focus
Improving data management, optimizing processes and replacing legacy systems are the primary drivers for insurance companies undertaking core technological transformation.
Workflow automation adoption
Insurers are most actively automating agent / broker management, fraud detection and customer onboarding , though underwriting remains an underutilized area for automation.
Balancing innovation and risk
Insurers are leveraging sandboxes, both dedicated and regulatory, as well as agile methodologies and predictive analytics, to strike a balance between rapid technological transformation and robust risk management practices.
The results of this survey show that insurance companies have made significant progress in the digital transformation of their operations. However, many still face considerable challenges as they navigate the evolving insurtech landscape
