Insurers have been accustomed to the current market realities of relatively low premium growth, rising loss costs, and ever-increasing customer expectations. Over the years, carriers have focused on adapting the business to address the challenges posed by these conditions. Senior management, business unit, and IT leaders have directed investments primarily towards performance improvement initiatives including cost take-out.
However, the industry is now facing an inflection point where current market conditions, the growth of emerging technologies, and the rise of a digitally-empowered consumer are driving an outcomes-focused operations and technology (O&T) agenda. The result is a new insurance technology “era”, where CIOs and COOs are increasingly working together to attract, retain, and develop customers while maintaining their focus on administering and transforming the current business and IT infrastructure.
