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Insurers can allay their fears about investing in new technology by making compliance a priority, getting all stakeholders aligned around digital transformation, ensuring the technology scales, and working around the constraints of legacy backend systems. (Photo: A_stockphoto/Shutterstock) Insurers can allay their fears about investing in new technology by making compliance a priority, getting all stakeholders aligned around digital transformation, ensuring the technology scales, and working around the constraints of legacy backend systems. (Photo: A_stockphoto/Shutterstock)

Despite all the talk surrounding digital transformation and disruptors such as Lemonade and the changes that coronavirus has spurred on, the insurance industry has not yet enacted a complete digital transformation. Why is that? After all, the prospect of fulfilling customer expectations, saving on operational and processing costs, and improving efficiencies should provide plenty of incentive for insurance brokers and providers to fully digitize their processes.

Here, I’ll discuss the real obstacles to going digital such as fears about compliance, organizational resistance, scalability issues, constraints of legacy IT systems, and slow implementation — and how insurers can address these challenges to thrive.

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ACE Virtual Leadership Forum & Expo is the annual conference for Senior Claims Executives in Insurance organizations.

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