David Leach’s Post

👉Possible way to cut extra costs on adjustments when implementing a new IT solution in insurance. How do these extra costs happen? 💵 Before jumping into installing new IT solutions in insurance companies, let's recognise that not everyone, except for IT experts, might understand why it's so important. And if something is not important, people usually don't give much feedback🗣. This is how our brain functions. If all departments inside the insurance company dont give feedback when planning the complex IT solution, important points come to be neglected. What I think is the root of those extra costs to appear. 🔗A simplified version: Departments think IT platform is IT responsibility -> it is not important for our department -> not too much attention to give feedback during prep phase -> some important things get overlooked -> extra costs when they get the final solution So what to do? In the context of insurance companies, it is a good idea to conduct strategic sessions 📋 before introducing new IT solutions. Such sessions ensure that technological advancements align with broader organizational objectives, enhancing efficiency, adaptability, and innovation within the industry.🔥 Benefits of Strategic Sessions for Insurance Companies when prepping for IT software implementation: 📌CLARIFYING OBJECTIVES: Strategic sessions help refine the company's mission and vision, ensuring everyone understands the overarching goals. 📈PROCESS IMPROVEMENT: By analyzing current operations, companies can identify areas for optimization and efficiency gains. 🤝BUILDING TEAM UNITY: Collaborating on common goals fosters teamwork and a culture of cooperation among employees. ➡️STRATEGIC DIRECTION: Defining long-term strategies allows companies to not only respond to market changes but also shape their future proactively. 💡ENCOURAGING INNOVATION: Strategic sessions spark creativity in problem-solving and encourage the exploration of new ideas. In the end less extra costs to your company afterwards.💸 #InsuranceTransformation #InsuranceInnovation #Innovation #FutureOfInsurance #InsurTech #insurance #success

"The insurance sector is built on the ability to manage risk and forecast the future. While many organizations are already transforming to meet the expected demands of both regulatory requirements and consumer needs, new and emerging technologies could offer a host of potential benefits to those that are willing to embrace change. Integrating these technologies could further enable precise predictions, manage customer interactions and expand the personalized service and product lines with unprecedented accuracy and speed. So, how prepared is the insurance industry to harness the latest technologies to help shape the future?" #insurtechcanada #insurancecanada #innovation #insuranceindustry #insurtech #insurance

Emerging Insurtech Companies to Monitor in 2025: Stay informed with the latest innovations in the insurance technology sector. Explore more at https://buff.ly/48wwXMj #Insurtech2025 #Innovation #insurtech

𝐄𝐱𝐜𝐢𝐭𝐢𝐧𝐠 𝐩𝐨𝐬𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 𝐚𝐡𝐞𝐚𝐝! Recently, I had the chance to host Jay KIM, CFO of Grade Health Chain (GHC) Korea, at my Manulife office in Singapore. 🇸🇬 🇰🇷 What started as a casual conversation on LinkedIn turned into a deep dive into the future of insurance. Jay shared the vision behind GHC’s HealthGrade solution, a platform that uses real-time health data to completely reimagine how insurance works. 💥 It got me thinking about how much the industry is evolving and the role innovation plays in creating better experiences for clients. Imagine this: 𝘪𝘯𝘴𝘵𝘦𝘢𝘥 𝘰𝘧 𝘴𝘵𝘢𝘵𝘪𝘤 𝘱𝘳𝘦𝘮𝘪𝘶𝘮𝘴 𝘣𝘢𝘴𝘦𝘥 𝘰𝘯 𝘰𝘶𝘵𝘥𝘢𝘵𝘦𝘥 𝘢𝘴𝘴𝘶𝘮𝘱𝘵𝘪𝘰𝘯𝘴, 𝘏𝘦𝘢𝘭𝘵𝘩𝘎𝘳𝘢𝘥𝘦 𝘢𝘥𝘫𝘶𝘴𝘵𝘴 𝘳𝘪𝘴𝘬 𝘱𝘳𝘦𝘮𝘪𝘶𝘮𝘴 𝘥𝘺𝘯𝘢𝘮𝘪𝘤𝘢𝘭𝘭𝘺, 𝘧𝘢𝘤𝘵𝘰𝘳𝘪𝘯𝘨 𝘪𝘯 𝘨𝘦𝘯𝘥𝘦𝘳, 𝘢𝘨𝘦, 𝘢𝘯𝘥 𝘴𝘰𝘮𝘦𝘵𝘩𝘪𝘯𝘨 𝘯𝘦𝘸—𝘢 𝘏𝘦𝘢𝘭𝘵𝘩𝘎𝘳𝘢𝘥𝘦 𝘴𝘤𝘰𝘳𝘦. This means: → Personalized premiums that adapt to your unique health profile. → Smarter risk management through objective, real-time data. → Stronger connections with clients, creating better retention and touchpoints. These ideas aren’t just abstract, they’re a glimpse into how we can make insurance smarter, fairer, and more human. I left that meeting inspired by the possibilities and excited about the potential impact this could have. For me, it’s always about finding better ways to serve clients and make their lives easier.💪🏼 Stay tuned, this is just the beginning!

Futran is leading the way with AI-driven insurance solutions. Check out our blog to see how we're changing the game: https://lnkd.in/eSi6yvHg #futransolutions #insurance #ai #aiinsights #generativeai #artificialintelligence #technology #innovation #startup #mediumbusiness #digitaltransformation #tech #empowerment #businessgrowth #futureofwork

Emerging Insurtech Companies to Monitor in 2025: Stay informed with the latest innovations in the insurance technology sector. Explore more at https://buff.ly/48wwXMj #Insurtech2025 #Innovation #insurtech

Since the Insurance Industry is leveraging Tech to make India Digitally Empowered in all the fields, here are some trends the newcomers CANNOT MISS to know: 👇 The insurance industry has long been synonymous with piles of paperwork, manual processes, and slow turnarounds. From policy applications to claims processing, it was a world ruled by forms, signatures, and in-person meetings. However, with the rapid advancement of technology, the industry is experiencing a much-needed transformation. Enter InsurTech—a new wave of digital tools and solutions designed to streamline processes, enhance customer experiences, and revolutionize the way insurance works. Read this blog to uncover the latest trends in Insurance and how can leverage Fintech to make sure you hold a spot in the already competitive insurance industry! https://lnkd.in/d4TjZf2q

Qorus Innovation in Insurance Awards: let's get closer to the "𝗪𝗼𝗿𝗸𝗳𝗼𝗿𝗰𝗲 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻" category. 🌍 This awards category is all about celebrating innovations that skillfully unite people, cultures, leadership, organization, and technology. It's a redefinition of workplace norms that also unlocks the genuine potential of collaboration between humans and machines. Now you can showcase how your business is at the forefront of this paradigm shift: 𝗙𝘂𝘁𝘂𝗿𝗲-𝗥𝗲𝗮𝗱𝘆 𝗪𝗼𝗿𝗸𝗳𝗼𝗿𝗰𝗲: These are initiatives that lead the charge in creating a workforce prepared for the challenges and opportunities of tomorrow. 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 𝗶𝗻 𝗔𝗰𝘁𝗶𝗼𝗻: These projects demonstrate your commitment to leadership that drives transformation, setting the standard for the future of work in the insurance industry. Be part of this year’s competition and submit your project to join the ranks of other esteemed innovators, like Generali Investments, Zurich Insurance, and PZU who shared their best and brightest ideas turned into action in 2023. Inspire other innovation leaders with just how your innovations are reshaping work as we know it! Explore the other 6 awards categories and let your innovations take well-deserved center stage! #WorkforceTransformation #InsuranceInnovation #FutureOfWork #InnovationAwards Nicky Holmes Boris Plantier Leandro Seligmann

🏙️ Singapore's Insurance Industry Embraces Digital Transformation: 63% to Replace Core Systems in 2024 🚀 A new study by Novidea reveals a significant shift in the Singaporean insurance market. Here are the key takeaways: 💼 Modernization Drive: A staggering 63% of Singapore's insurance companies plan to replace their core management systems in 2024. 🕰️ Legacy Burden: Aging technology (often not upgraded in 5-10 years) hinders scalability and digital transformation efforts. 🎯 Customer Focus: Singaporean insurers prioritize a customer-centric approach, with 70% aiming to enhance customer value through new onboarding technology. This focus is significantly higher than the global average (41%). 🚧 Challenges Remain: Data quality (41%), data privacy & security (35%), and scalability (35%) are the top concerns for insurance leaders. 🌟 Singapore Leading the Charge: This focus on modernization reflects a proactive stance by Singapore's insurance industry. They recognize the need for: 🛠️ Improved customer experience: Modern systems enable a smoother and more efficient experience for policyholders. 📈 Enhanced competitiveness: Keeping pace with the evolving digital landscape is crucial to stay ahead. 🌐 Novidea's Role: Recognizing this market shift, Novidea entered Southeast Asia to support this digital transformation. Their existing clients in Singapore have already begun replacing legacy systems. #Insurance #DigitalTransformation #Singapore #Technology #CustomerExperience #DataSecurity #Modernization #Novidea

Emerging Trends in US Insurance Tech 2024-2029: Collaborations with BigTech, rising use of telematics, and new subscription models are shaping the $50+ billion industry. Explore the impact! #Insurtech #InsuranceTech #Innovation