Bain & Company’s Post

📖 Recommended Read 📖 - 5 minutes How Legacy Systems Are Holding Back Insurance Innovation Legacy technology is creating hurdles for the insurance industry, with 74% of insurers relying on outdated systems absorbing 70% of IT budgets, hindering innovation. Experts like Prateek Sangal and Eric Rentsch emphasise the value of insurtech, AI, and hybrid solutions to streamline processes, improve accuracy, and address talent gaps. However, adoption requires phased implementation and a strong synergy between human expertise and technology. 🔍 Key Takeaways: 👉 High Maintenance Costs: huge portions of the IT budget is spent on maintaining legacy systems. 👉 Integration Challenges: Upgrading to new technologies can be costly and disruptive, but it's essential for staying competitive. 👉 AI and Data Utilisation: Leveraging AI can significantly improve claims processing and overall productivity. What’s the biggest challenge in transitioning from legacy to modern systems in your view? Read the full article here: https://lnkd.in/eMTMz7NY #Insurance #Insurtech #Innovation #AI #Technology #InsuranceInnovation #DigitalTransformation #AIinInsurance #TechInInsurance #InsuranceIndustry #InsuranceTech

🔥Multiple industry headwinds and unconventional competitors have compelled traditional #insurers to enhance their products, processes, and customer experiences. To drive recovery and ensure future growth, insurers are modernizing their IT infrastructures and prioritizing operational efficiencies and data-driven decision-making. ⚡However, increased market risks, rising claim costs, disrupted supply chains, and outdated processes are pressuring profit margins, necessitating a shift from insuring loss to ensuring protection. ✅Generative AI can be valuable for insurers to enhance their RoI from modernization efforts and accelerate business value realization. Underwriting, in particular, presents significant long-term value-creation potential. 💥However, while generative AI can transform several core insurance functions, firms must start with small, incremental steps to demonstrate business value before scaling up. Implementing generative AI with staggered investments can yield near-term efficiency gains, improve underwriting accuracy in the medium term, and transform the underwriting function in the long term. Read on: https://okt.to/g0LwcU

🔥Multiple industry headwinds and unconventional competitors have compelled traditional #insurers to enhance their products, processes, and customer experiences. To drive recovery and ensure future growth, insurers are modernizing their IT infrastructures and prioritizing operational efficiencies and data-driven decision-making. ⚡However, increased market risks, rising claim costs, disrupted supply chains, and outdated processes are pressuring profit margins, necessitating a shift from insuring loss to ensuring protection. ✅Generative AI can be valuable for insurers to enhance their RoI from modernization efforts and accelerate business value realization. Underwriting, in particular, presents significant long-term value-creation potential. 💥However, while generative AI can transform several core insurance functions, firms must start with small, incremental steps to demonstrate business value before scaling up. Implementing generative AI with staggered investments can yield near-term efficiency gains, improve underwriting accuracy in the medium term, and transform the underwriting function in the long term. Read on: https://okt.to/mZao4c

🔥Multiple industry headwinds and unconventional competitors have compelled traditional #insurers to enhance their products, processes, and customer experiences. To drive recovery and ensure future growth, insurers are modernizing their IT infrastructures and prioritizing operational efficiencies and data-driven decision-making. ⚡However, increased market risks, rising claim costs, disrupted supply chains, and outdated processes are pressuring profit margins, necessitating a shift from insuring loss to ensuring protection. ✅Generative AI can be valuable for insurers to enhance their RoI from modernization efforts and accelerate business value realization. Underwriting, in particular, presents significant long-term value-creation potential. 💥However, while generative AI can transform several core insurance functions, firms must start with small, incremental steps to demonstrate business value before scaling up. Implementing generative AI with staggered investments can yield near-term efficiency gains, improve underwriting accuracy in the medium term, and transform the underwriting function in the long term. Read on: https://okt.to/gwv6O7

🔥Multiple industry headwinds and unconventional competitors have compelled traditional #insurers to enhance their products, processes, and customer experiences. To drive recovery and ensure future growth, insurers are modernizing their IT infrastructures and prioritizing operational efficiencies and data-driven decision-making. ⚡However, increased market risks, rising claim costs, disrupted supply chains, and outdated processes are pressuring profit margins, necessitating a shift from insuring loss to ensuring protection. ✅Generative AI can be valuable for insurers to enhance their RoI from modernization efforts and accelerate business value realization. Underwriting, in particular, presents significant long-term value-creation potential. 💥However, while generative AI can transform several core insurance functions, firms must start with small, incremental steps to demonstrate business value before scaling up. Implementing generative AI with staggered investments can yield near-term efficiency gains, improve underwriting accuracy in the medium term, and transform the underwriting function in the long term. Read on: https://okt.to/P49DTA

🔥Multiple industry headwinds and unconventional competitors have compelled traditional #insurers to enhance their products, processes, and customer experiences. To drive recovery and ensure future growth, insurers are modernizing their IT infrastructures and prioritizing operational efficiencies and data-driven decision-making. ⚡However, increased market risks, rising claim costs, disrupted supply chains, and outdated processes are pressuring profit margins, necessitating a shift from insuring loss to ensuring protection. ✅Generative AI can be valuable for insurers to enhance their RoI from modernization efforts and accelerate business value realization. Underwriting, in particular, presents significant long-term value-creation potential. 💥However, while generative AI can transform several core insurance functions, firms must start with small, incremental steps to demonstrate business value before scaling up. Implementing generative AI with staggered investments can yield near-term efficiency gains, improve underwriting accuracy in the medium term, and transform the underwriting function in the long term. Read on: https://okt.to/beLksv

Unlock the strategic potential of your insurance claims process. Learn how data integration, AI, and effective team collaboration can elevate customer experience and competitive advantage. Overcome legacy system challenges to harness insights, drive growth, and distinguish your services at crucial customer moments. Download our latest factsheet to explore the transformation journey. #InsuranceInnovation #ClaimsTransformation

Unlock the strategic potential of your insurance claims process. Learn how data integration, AI, and effective team collaboration can elevate customer experience and competitive advantage. Overcome legacy system challenges to harness insights, drive growth, and distinguish your services at crucial customer moments. Download our latest factsheet to explore the transformation journey. #InsuranceInnovation #ClaimsTransformation

Unlock the strategic potential of your insurance claims process. Learn how data integration, AI, and effective team collaboration can elevate customer experience and competitive advantage. Overcome legacy system challenges to harness insights, drive growth, and distinguish your services at crucial customer moments. Download our latest factsheet to explore the transformation journey. #InsuranceInnovation #ClaimsTransformation