InsurTech – by Steven Tesler and Darin Campana, EPAM Systems
Forward-looking insurers are looking to replicate the compelling user experiences that are provided by more digitally native companies.
They are exploring various paths in order to achieve these digital aspirations but often find themselves constrained by legacy technology due to its inflexibility to support new products and services and the high costs required for maintenance. Insurer’s efforts to modernize have varied over time and have included various homegrown initiatives, third-party point solutions and/or investments in unproven insurtechs.
What they find themselves with is a Frankenstein model of disparate applications and systems that fails to fully provide the outcomes they aspire to achieve.
As the market is demanding more seamless, digital engagement from insurers, the call to action is now. To meet this demand and take advantage of the new and emerging technologies that will support this digitally-enabled future, it is important for insurers to identify their current and aspirational digital capabilities and assess how those capabilities will be enabled, whether it be from existing technology or new solutions.
The truth is no single solution can bring about transformation on its own and will instead require a sum-of-the-parts approach managed in a smart ecosystem.
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