Do you agree with CSFI and PwC who state that technology has become the top risk facing the insurance industry in 2019? If so, is it as a result of any of the following challenges?
A) Insurers fed up being hostage to vendors and products that take too long, cost too much and remain too complex to deliver the promises of digital transformation?
If so you may wel, find the answer here in"Insurance has a triple legacy problem" being: -
- Legacy systems
- Legacy processes
- Legacy thinking
B) Maybe it is because you are fearful of competitors that can innovate and iterate without recourse to developers, coding or consultants. The answer for you will be in "The Low-Code/No-Code Movement: More Disruptive than you Realize".
C) There again you may be frustrated and stopped from effectively making decisions as a result of data stored but inaccessible in silos. In which case you will find a solution in “Data Integration- the secret sauce behind successful analytics and AI”.
D) or is it because you lack the vision, strategy, resources and organisation to transform insurance? Have a look at “Digital Transformation is not about Technology” to tackle those issues.
E) It could be that you know that digital platforms are the key to differentiate and compete but just cannot decide whether your own organisation has the competence to build a world-class platform quickly or choose best-of-breed from those available. In which case find the best answers in “Insurance and Next Gen Platforms?”
Still unsure- then have a peek at https://www.insurtechworld.org for more answers to more insurance and technology challenges
The urgent need for business and technology modernisation poses the greatest threat to the global insurance industry over the next 2-3 years. This is the first year that technology risk has topped our rankings. It is also a pervasive theme, underpinning other high-ranking risks including cyber risk, change management and competition.