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Building New Insurance Capabilities or Bridging Functionality Gaps

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7 December 2023
Nanda Rajgopal

How can insurers quickly and efficiently innovate to undertake a new business initiative or fill process gaps?

Abstract

The insurance industry, with its property and casualty (P&C) and life and annuity (L&A) sectors, has experienced varying degrees of change in business processes. P&C insurers have been at the forefront of modernization, driven by customer demand, compared to L&A insurers. Despite their modernization efforts, insurers face challenges in adding new functionalities or bridging gaps in processes due to complexities in business and operations, as well as regulatory and compliance requirements. Insurers often consider undergoing transformations to achieve their goals of enhancing functionality, such as introducing innovative products, expanding their portfolio, exploring new sales channels, improving customer experience (CX) and communications, or reducing operating costs.

By leveraging emerging technologies such as cloud computing, low-code and no-code (LCNC) platforms, and artificial intelligence (AI), insurers can enhance their capabilities without the need for extensive transformations. These technologies provide opportunities to add or bridge functionalities seamlessly.

To leverage the benefits of emerging technologies, we recommend that insurers start by reviewing, reforming, or establishing their data strategy. Data serves as the foundation for insurance companies to perform all functions within their organization, achieve their goals and objectives, and drive innovation, transformation, and effective business management.

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