World Priorities
- Digital Innovation
- Customer Centricity
- Analytics
- Claims
- Underwriting
One of the key barriers insurers cite in this study is "Legacy Systems". The natural solution is a digital platform that wraps around legacy systems and delivers the priority goals without having to write-off the considerable investment in core systems.
Particularly as most insurers have different core systems in each country as a result of mergers and acquisitions.
No complex, time consuming and costly integration. Just a secure and unique URL link for each claim between core systems and the digital platform. A single digital record for each claim to achieve high customer satisfaction at a lower claims processing cost and lower supply chain costs.
Enabling the Digital Claims Directorto enjoy digital transformation despite the limitations of core systems. And with embedded analytics to drive better decisions and planning
Some key takeaways from our regional comparison... Analytics, Customer Centricity and Digital Innovation achieve similar scores across all our regions; Customer Centricity trails marginally in North America. Noteworthy is the perfect score of 60 attained for Digital Innovation in Asia-Pacific, which indicates that this was the number-one priority here in all four measures underlying the priority score (money, time, staffing and training). Underwriting and Risk Management both score considerably higher in North America than they do elsewhere – as we saw in the first table, Underwriting is 3rd in the list of priorities in North America, despite not getting above 7th place in any other regions. There is a step-up in focus on Claims in Europe and North America compared to Asia-Pacific.
https://insurtechnews.com/insight/insurtech-the-elephant-in-the-room.html
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