Insurance is the second most disrupted sector in the global economy, according to a recent PWC Global CEO survey. The disruption reflects the speed with which the social, technological, environmental, economic and political (STEEP) changes we’ve been anticipating are becoming a reality within the insurance industry. The biggest drivers of change is technology and its impact on customer expectations. Nearly 70% of insurance CEOs see the speed of technological change as a threat to growth. More than 60% are concerned about shifts in consumer spending and behaviour. But technology also opens up huge opportunities, enabling insurers to boost operational efficiency, carve out alternative business models and use newfound insights to create customised solutions.
To keep pace, insurers must integrate the digital technologies with their core operational systems. Furthermore, they must bring legacy architecture and infrastructure together with a compelling digital experience across all channels. Most insurers are turning to modular API driven Ecosystem Platforms to stay ahead of the game in the best of breed strategy. The right insurance platform can help businesses deliver compelling customer interactions and optimise the full spectrum of back-office operations, increasing agility and supporting innovation. By harnessing the power of AI, out of the box business process automation can improve claim and underwriting processes in a cost efficient manner.
How can you connect faster and more effectively with your customers and partners and remain competitive in a rapidly changing digital economy?
Join Fadata and a select group of industry thought leaders to explore how to navigate the current climate and to bring customer experience as well as business efficiency to the next level.