The insurance industry is rapidly catching up on the digital transformation revolution after a long phase of insulation. Insurers are turning to digital solutions to stay profitable as they battle stringent regulatory norms, while managing complex portfolios in a persistently low interest rate environment. Our IT services and solutions for the insurance industry will help you achieve profitable underwriting, while provisioning superior customer experiences.
Drive operational efficiency and cost reduction by rethinking your business models, processes and IT architectures with our Insurance Knowbots framework
Redefine your business strategies to achieve superior performance and sustained customer satisfaction, and thrive in the new digital economy
Re-imagine your insurance software products to achieve optimum business benefits
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As digitalization accelerates and encompasses an ever-wider share of the insurance value chain, an improvement on the front end alone is not enough. Achieving the full benefits of digitalization requires real-time data access as well as agile features development in core systems. Insurers too often treat systems transformations as IT projects rather than acknowledging them for what they are: overall business transformations. modernizing core IT systems could have ripple effects throughout the organization, requiring insurers to consider how they must adapt their operating model in response. Insurers with legacy IT platforms that are functionally adequate but technologically near the end of their lives have limited options to modernize. Some consider “refactoring,” which involves altering a system’s internal structure without modifying its functionality.
Insurers must overhaul their core IT systems to achieve the full benefits of a digital transformation. Combining core and business transformation, through an appropriate and considered approach, can yield significant IT modernization benefits.