Property and Casualty Newsletter
At Celent we sit in an interesting spot. We see the flurry of activity by carriers, vendors, and system integrators across the industry and try to make sense of the patterns being revealed.
Today, we see a clear set of themes:
Insurers’ foundations are getting stronger as legacy modernization takes hold. Craig Beattie has coauthored a report showing different routes to leverage legacy and be digital, to make the big, slow elephant dance. A pragmatic approach is possible and can benefit from the automation and speed seen in new digital systems.
Data and analytics continue to move mainstream as insurers build the foundations to apply AI in new ways. Zao Wu authored a report showing how Taikang’s AI platform supports an extensive range of applications by providing fundamental AI capabilities that will be reused.
On the other hand, many insurers are still using processes that were common 30 years ago, as seen in a report by Mike Fitzgerald focusing on how forms are created and managed. The results paint a picture of a process that is frozen in time, largely conducting business the same way in 2019 as in 1999.CIOs look forward to 2019 as a year to invest: focusing on growth, increasing reliance on the cloud, and building on positive experiences with insurtech, according to Donald Light’s most recent report.
So where does this go? Are you one of the carriers thinking about cyber, blockchain, voice UI, computer vision, IoT? Or are you focusing on building the foundation — preparing for digital? Keep your eyes open for a report I’m working on, Preparing for Digital, which will provide insights on preparing your technical environment, as well as driving your organization.
Time is growing short to register for Innovation and Insight Day! Join us in New York on April 12 to hear about some of the latest, coolest initiatives by carriers across digital, innovation, legacy transformation, data, and operational excellence.
Finally, a reminder that InsureTech Connect is filling up already. Here’s a discount code. We’ll be doing a pre-conference session the day before. Let me know if you’re interested in attending, and we’ll add you to the list.
Karlyn Carnahan, CPCU
Head of Property and Casualty, Americas