Insurance has progressed from an age of information in the 1990s to today's age of the digital customer. (ALM Media archives)
Lack of innovation is the biggest complaint that risk managers have about the insurance industry, according to Airmic's 2019 survey. But the good news is that increased digital transformation in insurance is helping some organizations to introduce efficiency, better customer service and general modernization to an industry weighed down by legacy technology and operations. This innovation is critical for today's large incumbent insurers who are facing a greater threat from new challengers big and small.
Here are some examples of successes that insurers have seen thanks to digitally transforming legacy systems using intelligent process automation:
|No. 1: Security and compliance
According to Nasdaq's Global compliance survey, 92% of firms consider compliance standards highly important. In an industry as intensely regulated as insurance, it's no wonder that compliance is a top concern. Digitally transforming insurers' technology infrastructure is an excellent way to ensure compliance across the organization.
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