4 ways insurers can go beyond core systems transformation
Insurers continue to invest heavily in revamping core systems like policy administration, claims and billing. But they have to be careful that their strategy delivers the business value that’s driving the desire for replacements.
That’s according to a recent PwC report, “P&C insurance core transformation: Exploring the possibilities.” While two-thirds of insurance CEOs “see digitalization and innovation as very important to their organizations,” according to a PwC survey, insurance companies tend to share three common oversights that belay this goal when replacing core systems:
Digitization without differentiation: Projects that simply upgrade their core systems but fail to change the customer engagement
Limited focus on information data: Too much focus on transactional data elements and not utilizing a comprehensive informational data approach
Failure to foster innovation: Modernizing applications but failing to leverage these tools to support continuous improvement and innovation
PwC says that there are four key opportunities that insurers should keep on their radar when replacing core systems in order to deliver on the full promise of digital. Click on to find out.