Disruption from new technologies is a given, but acknowledging it and acting on it are very different propositions. Insurers will need to move far more quickly to create truly digital organisations if they are to compete in a market that is set for rapid transformation.
Understand how insurance companies can begin to deploy the right technology for the right purpose to avoid being left behind.
Rapid advances across a whole range of technologies are enabling industries to do more for their customers - and to do it faster and cheaper. Financial services, in particular, are seeing significant disruption, however, there is confidence in the industry as the majority believe that the industry is moving fast enough to keep up with future technology trends. Along with this advanced analytics is expected to increase over the next three years. Despite this compliance will become more of a challenge when adjusting to digital disruption.
In the fourth chapter, we explain how insurance companies can begin to deploy the right technology for the right purpose to avoid being left behind.
The seven steps to digital transformation
Insurers need to think carefully about the best way to acquire new technologies and intellectual property. They will need to decide whether in-house resources, a partnership approach or an outright acquisition represents the best way forward.
To achieve holistic technology and business transformation, we have outlined seven steps that insurers should follow. Reach the fourth chapter to find out more.