Like other industries, the insurance industry is in a process of constant change, by looking for the best feasible way to adapt to the new environment where evolution is a requirement to be competitive and at the same time a major strategy to generate value for customers.
The Life & Annuities industry is at a turning point where it has realized that the time to transform is here and now. The great challenges that Life & Annuities companies are facing lie in the fact that they inherit a legacy IT landscape with obsolete technology platforms and face high IT and operational costs on these legacy platforms, all this, coupled with the organizational structure that is common in the industry, makes the digital journey complex to tackle. On the other hand, there are high IT and operation costs and with all this, there is another important challenge that is to face the inefficiency in the processes.
But how can companies transform themselves?
- By providing differential experiences to customers
- Creating innovative new products
- By launching new products and services in an agile and rapid manner.
All the points mentioned above are areas that the insurance industry is struggling with right now.
Download the below paper to discover more on the importance of digital transformation in Life Insurance & Annuities.