Creating a Modern Insurance Enterprise
How to build a strong foundation to take advantage of emerging technology?
Technology has been emerging at a rapid pace and is expected to continue advancing. Data analytics, cloud computing, and artificial intelligence and machine learning (AI/ML)—including the recent emergence of Generative AI (Gen AI) and Large Language Models (LLMs)—along with evolutions in core insurance systems, have been making significant strides in recent years. Customers are gravitating toward newer technology, particularly smartphones and mobile devices. These advances in technology are interrelated, and insurers need to think differently to fully benefit from them. How should insurers adjust their thinking to take advantage of these emerging technologies? What steps should they be taking to continuously transform, keeping pace with customers and offering them innovative products at a faster rate? How should insurers be organized to reap ongoing business benefits?
Among the many options insurers can pursue to keep pace with the changing consumer landscape and technology, there are seven tenets or key focus areas that can transform insurance companies into modern enterprises and help them stay nimble and adaptable. These tenets are Data, Cloud, AI (Artificial Intelligence), LCNC (Low-Code/No-Code) Platforms, Core Systems, Corporate Systems, and Innovation.
We have identified six steps to transform into a modern insuarnce enterprise by implementing key tenets. The first step involves conducting a through assessment of the