Challenges in the Digital Age
The widespread adoption of new consumer technologies in all industries has created new needs for and expectations of insurance solution and interaction channels.
Pace of Innovation
The insurance industry is increasingly a technology-mediated one, and technologies like AI, big data and blockchain are driving this change faster than ever.
Technology barriers to entry have been lowered with easy access to scaled cloud computing. InsurTech players are taking advantage of the opportunity to fill the gaps that incumbents have not.
New technologies raise potent new digital risk issues, making trust critical to sharing and using the data that underpins insurers’ operations. Leading carriers are grappling with issues that go beyond establishing perimeter security.
of customers switch Insurance Providers because of bad user experience
of insurers are planning to pursue digital initiatives with new digital partners over the next 2 years
of Insurance companies believe that some part of their business is at risk of disruption
of insurers are investing more in embedded artificial intelligence solutions
5 ways for insurers to stay relevant in the digital era
“Sun-set” the past
Business-as-usual is not the business of the future. Enterprises must prioritize the actions that will make material progress toward transformation. It means de-prioritizing investments in non-digital initiatives, old skills, processes, and technologies.
Embrace the new
Organizations that take advantage of new technologies like AI, Blockchain and others will succeed with the work ahead. Some of the actions include increasing spending on digital initiatives, hiring greater numbers of people with future-ready skills and leveraging the new tools.
Rejuvenate the core
Revitalizing core technology and business processes that run the insurance business is an urgent yet non-trivial undertaking. But without this constant refresh cycle, it is only too easy to fall further and further behind the competitive pace of the industry.
Make it personal
Treating everyone as an individual and not simply as part of a demographic is perhaps the most customer-centric action that is required. Personalizing services, personalizing premiums, will be a great leap forward in the historical development of the insurance industry.
To plant the seeds of the future, large enterprises need to have an open mind to innovations and a process for examining and testing them to ensure that when they are ready to make a genuine contribution to the business, the business is ready to adopt and use them.
2-Pass Development for perfect business-IT alignment
faster than traditional application development
Automatic Code Generation
lesser code required
One-click Test and Deploy
lower maintenance costs
Reduce Total Cost of Ownership of proprietary platforms using phased migration
Flatten the learning curve for reskilling legacy app developers
Unlock the data and insights from legacy apps
Reshape customer experiences, operations, and business models
Set up Bimodal IT that caters to traditional and modern app delivery
Bridge business-IT gap and deliver apps at the speed of business
Democratize application delivery by enabling citizen developers
How insurers across the world benefit with WaveMaker
WaveMaker decomocratizes application delivery at one of the largest insurance and financial services companies in the world by reducing IT dependency and enabling citizen development.