Insurance has progressed from an age ofinformation in the 1990s to today's age of the digital customer.(ALM Media archives)
Lack of innovation is the biggest complaint that risk managershave about the insurance industry, according to Airmic's 2019 survey. But the good news is thatincreased digital transformation in insurance is helpingsome organizations to introduce efficiency, better customer serviceand general modernization to an industry weighed down by legacytechnology and operations. This innovation is critical for today's largeincumbent insurers who are facing a greater threat from newchallengers big and small.
Here are some examples of successes that insurers have seenthanks to digitally transforming legacy systems using intelligentprocess automation:
No. 1: Security and compliance
According to Nasdaq's Global compliance survey, 92% offirms consider compliance standards highly important. In anindustry as intensely regulated as insurance, it's no wonder thatcompliance is a top concern. Digitally transforming insurers'technology infrastructure is an excellent way to ensure complianceacross the organization.
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