Many insurers today are dealing with siloed, inflexible legacy systems. These are not only expensive to maintain, but also hamper speed to market and the ability to respond to customer demands. In order to engage today’s customers, bring tailored products to market quickly and gain the insight and transparency into exponentially growing amounts of data, insurers are looking towards an integrated insurance platform.
Today’s successful insurer knows its customers. This means gleaning data from a variety of internal and external sources and being able to transform that data into actionable and insightful information. They must be able to use that information to bring tailored products to market quickly and within current guidelines and standards. The best run insurers are using today’s innovative technologies to modernize their core systems to gain competitive advantage. Hugh Anderson from SAP discusses how insurers can address some of these issues to become more agile, customer-focused and integrated.