Insurance Innovation

Data modernisation 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, optimising 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 underutilised 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.