Few contemporary industries are as steeped in history, tradition and governance as insurance. A new report from the research and advisory firm Celent states that although most of today's insurance enterprises are making various degrees of forward momentum around technology adoptions, the industry's stoic nature sometimes functions as a roadblock when it comes to modernization. "Transforming a company into a modern insurance enterprise will depend on various factors, such as the company's size, its culture, executive leadership support, organizational alignment, and the complexities of information technology and systems supporting the business," Celent Principal Analyst Nanda Rajgopal said in a release about the new report titled "Creating a Modern Insurance Enterprise." The slideshow above illustrates the seven tech tools Celent determined to be essential to modern insurance organizations. This is especially true now that consumers are gravitating toward newer technologies and streamlined business interactions. "These advances in technology are interrelated, and insurers need to think differently to fully benefit from them," Rajgopal continued. The report also includes a six-step process for organizational modernization in the insurance sector, the first step of which involves assessing processes to determine an innovation strategy. Once an insurance business has progressed through the six steps outlined in Celent's report, it will be able to "automate, innovate, govern and improve continuously." See also:
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