"Insurance firms are spending less on digital as compared to other industries thus resulting in reduced satisfaction scores"
Everest Group Enterprise Digital Analysis 2018
Additional research from Ernst & Young highlights the need to invest in core technology to enable growth, improve operations and risk management. According to the research, legacy systems are unlikely to produce the comprehensive data needed to effectively evaluate company risks and products.
Additional research from Ernst & Young highlights the need to invest in core technology to enable growth, improve operations and risk management. According to the research, legacy systems are unlikely to produce the comprehensive data needed to effectively evaluate company risks and products.
Gartner research suggests that at least 40% of global financial institutions are currently undertaking major core banking transformation projects. Of these projects, 85% fail. Such statistics are not exactly a recipe for career longevity.
No wonder insurance CEO's and CTOs have held back but global insurers have found the solution in 360Siteview.
A digital claims platform that rejuvenates legacy core systems by digitising the complete claims value chain and delivers the customer satisfaction scores to compete with Amazon.
This tackles the issue that Everest Group describes as holding back insurers as there are no upfront implementation costs and a pay-as-you-go commercial model that delivers impressive ROI
The backend technology infrastructure in most large and mid-sized insurers is a maze. It is often a complex spaghetti of multiple core systems, many ageing, many creaking at the seams and generally acting as a limit to business growth. The average insurer has 10 to 14 core systems installed and this complexity means any idea of a rip-and-replace strategy is just too large and risky a project.
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