Insurtech World- The Legacy Systems Edition
How to overcome the limitations of legacy insurance systems and still deliver world class digital transformation without replacing them or suffering high capital or implementation costs. And the measurable targets to set for digital transformation
Are you digital claims goals ambitious enough?
Too many digital claims projects suffer from poorly thought out goals; many from unmeasurable and subjective objectives. There is a wealth of evidence to benchmark your transformation plans and these are described below with references at the end... Read more
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Balancing Claims Automation and Empathy
"One in five consumers currently prefers claim self-service options, but complain that the self-service First Notice of Loss (FNOL) process asks too many questions." 2019 Future of Claims Study LexisNexis One of many good reasons why... Read more
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Over-complicating digital claims?
A tale of two reports: - EY Insurance Outlook: what should insurers do to prepare for tomorrow? LexisNexis "Future of Claims Study" EY would have you invest in IoT, Blockchain, Big Data Analytics amongst seven key technologies. Lexis Nexis takes... Read more
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Legacy core systems like being stuck in concrete?
Trying to digitally transform insurance claims is sometimes described as trying to run whilst in a swamp. Paul Stanley CEO of 360Globalnet has a vivid description which is nearer the truth for far too many insurers- the constraints of legacy... Read more
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Putting Customer Experience at the Center of Digital Transformation
How many claims systems let you apply a laser-like focus on the customer journey and experience with continuous, iterative development? Bernardo Rodriguez, chief digital officer at J.D. Power, makes this a critical success factor for... Read more
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What insurers can learn from innovation through history
Are you building a "Digital Maginot Line" to defend against innovative carriers, disruptive insurtechs or encroaching digital giants? Fighting yesterday's innovation battles? One symptom that you are is waffle strategy statements that sound just... Read more
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The Power of Technology Integration: 6 Ways to Use Technology to Improve Claim Outcomes
Can you stitch together the various applications, data sources and processes across the complete value chain? If not you are not just throwing away profit; you are compromising customer and staff satisfaction. McKinsey shows how an insurer can... Read more
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Legacy systems, limited budgets top barriers to digital transformation
How can the business leap these hurdles to achieve the digital visionary status vital to be a transformation leader? Choose a digital platform that enables insurers to keep up with visionaries. "The research revealed that as companies... Read more
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API- a key component of insurance digital transformation
Insurers generally have a multiplicity of incompatible core systems of record across different business units and country operations. How do they deliver constant, digitally transformed customer delight and collapse claims and operational costs?... Read more
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Will block chain replace core insurance systems?
Ask man who knows after 40 POCs and 4 projects at the first bank to actually transact over blockchain- otherwise named Distributed Ledger Technology (DLT). There are many reasons why the answer is no. "Blockchains don’t help one... Read more
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Legacy Tech in Insurance
"In the last few years many top (re)insurance CEOs have been using words like “Innovation, Cutting-Edge, Big Data, AI, ML” during quarterly calls. But what really lies behind the hype is a graveyard of Mainframe, Cobol, VSAM, ISM solutions masked... Read more
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