Trends and challenges

1. IT modernization and simplification

To keep pace with rapid changes within the industry, insurance organizations need agile and responsive information technology (IT). However, these enterprises are struggling to deliver better and cost-effective capabilities/solutions faster and cheaper, and modernize and simplify the technology stack in order to enable their workforce to make a smooth transition to the business of the future.

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2. Data monetization

Disparate and disconnected data

Traditionally, the business functions or lines of business within insurance companies have operated in silos. The lack of a clear view of enterprise data is a liability and inhibits innovation.

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3. Digitization

Demand for digital capabilities impacts operations and cost

The demand for superior customer experience, digital automation, virtualization, tele-presence, and connected things will dramatically re-shape how customers interact with insurers and impact operating states and cost structures.

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4. Organizational readiness

Insurance organizations need to enable product innovation and speed-to-market. However, this requires renewing their core, enabling process simplification and expanding distribution and service channels, resulting in additional challenges of optimizing risk and meeting regulatory compliances

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