Alice Leo’s Post

Overcoming legacy system challenges in #insurance Modernising legacy technology remains the biggest hurdle for #insurers, with 49% of global insurance executives admitting they’re behind schedule on #digitaltransformation, according to the 2024 Earnix Industry Trends Report. Yet, the cost of delay is immense, explains the award-winning Insurance and risk technology journalist, Clare Ruel: Inconsistent customer experiences: Legacy systems can lead to fragmented journeys, undermining trust and compliance. Operational inefficiencies: Updating products on legacy platforms can take 4-5 months, limiting agility in a fast-changing market. Data limitations: Legacy systems hinder the flow and utilization of granular data, restricting insights that drive risk management and product innovation. Security risks: Aging technology is more prone to vulnerabilities, increasing operational risk. The silver lining? Insurers like Zurich Insurance and Allianz are proving that transformation, though complex, delivers lasting benefits. Zurich’s adoption of a unified #claims platform enhanced agility, security, and data connectivity, while Allianz emphasises managing legacy systems strategically to minimise risk. Read the full article published in Insurance Times - https://lnkd.in/eR86HViu The way forward: Modern technology enables faster product updates, seamless customer experiences, and better data integration across the insurance supply chain. By addressing these challenges incrementally and strategically, insurers can future-proof their operations and meet evolving customer expectations. Are legacy systems slowing your business down? Let’s discuss how modernisation can drive value. Speak with our experts Ted Cederlund ([email protected]) or Carina Persson ([email protected]). Or visit us at https://lnkd.in/gbwkKwkP to book a demo. #InsuranceInnovation #LegacySystems #CustomerExperience #InsuranceTechnology #Insurtech #SeamlessInsurance #SeamlessInsure #InsuranceAutomation

Insurwave Strengthens Marine Expertise with Industry Veteran Insurwave, the InsurTech platform for specialty insurance data, welcomes Ken MacDonald to its team! Why is this exciting? MacDonald brings over 35 years of experience in the (re)insurance industry, particularly across marine and specialty lines. This strategic move bolsters Insurwave's marine portfolio and fuels expansion into other specialty areas. What does Insurwave do? Provides a SaaS platform for integrated insurance management. Offers data consolidation, visualization, and risk analysis tools. Streamlines data management for insurers, risk managers, and brokers. MacDonald's role: Advise on expanding Insurwave's solutions across the insurance sector, with a focus on marine. Leverage his experience to further streamline data management and drive innovation. Key takeaways: Insurwave leverages AI-powered technology for intelligent data management. MacDonald's extensive experience includes senior positions at Aon, Miller, and his own consulting firm. Quotes: David Power, CEO of Insurwave: "Ken's experience complements our growth strategy. We look forward to his insights and input." Ken MacDonald: "There's a clear need for streamlined processes. I'm excited to leverage my experience to elevate Insurwave's presence and facilitate its expansion." #InsurTech #insurance #data #marineinsurance #riskmanagement #innovation #linkedin

As we step into 2024, the insurance industry stands at the cusp of significant transformation, driven by a blend of technological innovation and evolving market dynamics. FTI Consultingunveils the pivotal shifts poised to redefine the landscape of insurance. At the heart of this evolution is the maturation of Artificial Intelligence (AI), promising to refine operational efficiencies, usher in novel risk assessment methodologies, and cultivate more dynamic customer engagement strategies. However, this journey is not devoid of challenges, with regulatory scrutiny intensifying over the use of AI, highlighting concerns over bias and fairness. Another trend reshaping the horizon is the shifting consumer expectations, propelling insurers to overhaul traditional operating models in favor of digital-first approaches. The burgeoning demand for direct-to-consumer distribution channels and the rise of embedded insurance signify a departure from conventional practices, urging insurers to embrace agility and innovation. Furthermore, the escalating threat landscape, particularly in the cyber domain, underscores the urgent need for robust cyber insurance solutions, as insurers grapple with the complexities of pricing and coverage in the face of burgeoning cyber risks. Five Sigma emerges as a strategic ally in navigating these turbulent waters, offering an AI-native platform that aligns and propels forward the 2024 trends and ready for the future too! By leveraging cutting-edge technology, Five Sigma enhances operational efficiency, empowers data-driven decision-making, and facilitates seamless customer interactions. Our platform embodies the convergence of technology and insurance, enabling insurers to not only anticipate but effectively respond to the evolving market demands and regulatory landscapes. As insurers venture into this transformative era, Five Sigma stands ready to equip them with the tools necessary for success in a rapidly changing world. #InsuranceTrends2024 #AIinInsurance #CyberRisk #ConsumerExpectations #ClimateChange https://lnkd.in/eWPemESa

The E&S insurance market is booming, but with growth comes challenges. #AI is the game-changer, helping insurers prioritize emerging risks and tackle the talent crunch. Read this insightful article by Sachin Kulkarni, head of commercial & specialty insurance and MGA, Americas at Xceedance to discover how #GenAI is revolutionizing the E&S landscape and driving innovation in #insurance: https://lnkd.in/gqY2guS6.

Interested in understanding what's to come for innovation across the global insurance industry in the next decade? INSTANDA's recent report 'Re-Imagining the Digital Insurance Landscape: 10 years from now' brings together 40 experts at the forefront of insurance innovation, including our CEO Michael Keating. Together, contributors share their insights on:  - A once-in-a-generation opportunity to transform the industry and outcomes for customers.    - The true value in the customer relationship and what progressive insurers are already doing to keep pace with changing customer behaviour.    - How AI and connected technologies are transforming every aspect of the insurance value chain.   - The value of core modernisation and why executing processes or parts of processes in a digital ecosystem is rising in importance.    - Predictions for a far more embedded, preventative insurance landscape.    Download the full Report here >> https://lnkd.in/eGmzER5F

Check out a recent article as we discuss the innovative tech that is revolutionizing the work of insurtechs and describe the benefits they provide to P&C insurers in the modern marketplace. #Insurance #Insurtech #Insuresoft #Innovation Rob Copenhaver Scott Lea Terry Brown Nancy Schulte Linde Wolff Chris Blair Tracy Miller Imraan Hassam Laurel Antti Ken Dobell

North American Property & Casualty (P&C) insurance is gearing up for a significant change. 2025 marks the time when business process automation and IT consulting services with AI technology is acquiring pace. According to a report from Grand View Research, the global AI in the insurance market is expected to grow to $11.2 billion by 2025, at a CAGR of 24.9%. All this growth offers a key opportunity for P&C insurers to drive simplicity, lower costs, and deliver better customer experiences. Key Opportunity Areas that I can see are : 1. One of the most promising areas of AI-enabled automation is the claims processing stream. Here, AI can help the insurers automate the assessment of claims, detect fraud, and settle claims more expeditiously using predictive analytics and even machine learning models. According to a report by McKinsey, AI may reduce claims processing costs by 30%, thereby improving customer satisfaction levels by getting claim resolutions faster and more accurately. 2. Improving efficiency in Underwriting: This is, perhaps, the most glorious example of AI-based automation going to transform underwriting itself. AI can analyze vast amounts of data coming from multiple sources in real time. AI can therefore ensure reduction in mispriced risks, improve the assessments of risks or customise coverage. Accenture estimates that AI can boost the accuracy of underwriting up to 50%. This means that data-driven decisions can be taken faster by insurers than ever before. 3. Customer Service Automation: AI-powered chatbots and virtual assistants are transforming customer service in the P&C industry. According to Forrester, companies that implement AI for customer services reduce operational costs by 30%. They can now address routine queries and policy modifications 24/7, enhancing customer experience while freeing up human agents to focus on complex tasks. 4. Adherence to Regulatory Compliance & Reporting: AI also makes it possible for insurance companies to automate compliance monitoring and reporting, thus significantly reducing the risk of errors and penalties. According to Deloitte's estimate, this could also bring costs for companies down by 40% - through streamlined processes and bringing it in line with regulatory changes. IT consulting services in AI-driven process automation will help guide insurers through the process of transformation in the North American P&C landscape. By guiding strategy development and the entire system-implementation process, IT consultants will be able to ensure that insurers maximise AI technologies while remaining competitive through 2025 and beyond. What are your views on the above ? Do comment below.   #AIFuture #PCInsurance #BusinessAutomation #ITConsulting #Insurtech #NorthAmericaInnovation

🔮 The Future of Digital Insurance: Building Trust Through Technology 🔒 In an industry where trust is paramount, technology plays a crucial role in bridging the gap between insurers and clients. Our latest article explores how digital advancements are reshaping the insurance landscape, creating more transparent, secure, and customer-focused experiences. At Wesurance, we’re committed to leveraging technology to foster trust and reliability—key pillars for the future of digital insurance. 🔗 Dive into the full article: https://lnkd.in/erk97RQY #DigitalInsurance #TrustInTech #InsurTech #Innovation #CustomerExperience #DigitalTransformation

Embedded insurance is evolving towards value-centric models, offering insurers opportunities to enhance customer experience and build lasting value. Insurers are adopting embedded insurance solutions to become more customer-centric and integrate insurance coverage seamlessly into customer journeys, providing convenience and enhancing user experience. Digital channels connect customers with insurance options, but also add complexity to the purchasing process. Opportunities  • Utilising embedded data for precise underwriting and pricing can tailor insurance products to individual needs, improving customer loyalty and satisfaction.  • Leveraging advanced analytics, AI, and cloud computing enables insurers to streamline operations, enhance risk assessment, and improve claims processing.  • Brands and technology providers can expand insurers' digital presence and market reach. Facilitate data sharing, enhance underwriting models, and enable tailored solutions. Challenges  • The entry of non-traditional players such as tech companies into the insurance space could intensify competition. Innovate rapidly and form strategic alliances to remain relevant.  • Increased reliance on data heightens cybersecurity risks and privacy concerns. Implement robust data governance and security to protect customer and comply with regulations.  • The regulatory landscape for embedded insurance, especially across different markets, can be challenging. Stay agile and proactive in engaging with regulators to ensure compliance and foster innovation. Recommendations  • Implement comprehensive data governance frameworks and invest in cybersecurity to safeguard customer data. Compliance is critical to trust and risk mitigation.  • Develop and offer products that meet evolving customer needs through personalised and modular solutions. Transparency and communication build long-term customer relationships.  • Engage with regulatory bodies to shape policies and stay informed about legislative developments. A strategic advantage and foster a supportive environment for innovation. — How will your organisation leverage these insights to refine its approach to embedded insurance and create lasting value for customers? #Insurance #EmbeddedInsurance #CustomerExperience

The U.S. Property/Casualty (P/C) insurance industry, long seen as conservative and risk-averse, is experiencing a wave of innovation. Driven by emerging technologies, changing consumer demands, and evolving risk landscapes, insurers are developing a new generation of products that break away from traditional models and address previously unmet needs. This white paper explores some of the most exciting trends in P/C insurance innovation, showcasing how these disruptive offerings are transforming the industry and redefining the concept of risk protection. https://lnkd.in/esfEKbcy