Expectations to deliver profitable and sustainable growth are greater than ever following last year's low catastrophes and growing global economies. Yet challenges remain, ranging from profitability, cost optimization, competitive pressure, regulatory uncertainty and ever-changing customer preferences in a rapidly changing technology environment.
Tansformation will help carriers effectively, pragmatically and rapidly handle these challenges impacting their businesses. Transformation is a continuous process and strategic execution is the key to success.
Prioritize the transformational changes most relevant to your organization as it typically takes two to three years to see the results while consuming key resources. The P&C insurance industry is witnessing three categories of transformations today:
- Internal
- Customer engagement
- Business intelligence (BI)
Internal transformations are primarily centered on internal systems and applications related to either the modernization of core systems or replacement of core systems with vendor solutions. Existing legacy policy and underwriting systems are hampering insurers' abilities to control operational costs, business demands and customer requirements. Transformation of policy/underwriting systems is a top priority.
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