Over the last ten years, most insurers have been on a non-stop quest to transform and optimize the business, but unfortunately for many, their efforts have often been incremental and short-sighted; creating or intensifying many of the operational challenges faced today. Insurers must move beyond the legacy and internal mindset of “this is how insurance is done,” to one that recognizes the world has shifted and we must as well. Insurers realize current operational business models are falling out of synch, and the technologies that provided their foundation must be re-tuned or replaced. A key challenge is dealing with significant legacy debt in terms of old business operating models and technology foundations – even those implemented in the last 5-10 years - that hinder the ability to execute profitable growth strategies that address protection gaps and customer needs, particularly with the shifting risk and changing demographics.
"A new insurance business model is just as relevant as ever. It is an engine for growth that will pay dividends by accepting the realities of today's world instead of making today's customers conform to insurance's past." By Denise Garth https://ow.ly/brYn50Tnhk1 #Insurance #Innovation #Insurtech #FutureOfInsurance #DigitalTransformation #BusinessGrowth #Majesco #Blog
SVP-Digital Transformation Leader, Global Product Management
3moWell articulated Denise. The problem is getting expanded due to choices the enterprise has to make with so many digital platforms. Out of 10 insurance customers at least 9 of the customers need help from good System integrators for unbiased opinion about the platforms to achieve their Goals and Objectives. Technology is just a choice , business goals are highly important and needs to be driven by the insurance enterprise.