INSTANDA’s Post

Hi, I though I'd repost this, which is the INSTANDA guide on how to bring Innovation to complex legacy environments. The appetite for major transformational change, with back-end loaded benefits is disappearing. Instead, the intelligent way is to augment the existing environment with new capabilities and efficiencies that deliver benefit in the short term but aligned to longer term transformation. This is how we, at INSTANDA, are helping many Insurance companies across the globe with the smart way to implement change with near term impactful results.

Fantastic new guide from INSTANDA on how to successfully navigate transformation in complex insurance environments. If you work in insurance, this is absolutely worth a read!

Insurers today face the unique challenge of keeping up with the rapid pace of digital transformation and changing consumer demands while being weighed down by legacy systems. That's why we're excited to share our latest blog, 'Modernising Legacy Systems: Seamless Tech Integration Strategies' 👉https://bit.ly/48SnqO4 Dive deep into the critical steps insurers can take to break free from the constraints of outdated infrastructure and pave the way for true innovation. Here are three key takeaways: 1️⃣ Strategic planning and prioritisation: Adopt a phased approach tailored to your needs - acquire software, build a proprietary platform or modernize your existing legacy system. Align tech initiatives with long-term goals. 2️⃣ Fostering a culture of innovation: Go beyond technical infrastructure. Cultivate innovation through leadership support, iterative progress, investment mindset, and structured cultural change. 3️⃣ Seamless integration: Careful planning + thorough testing = smooth implementation. Prioritize business automation, people-centric approaches, optimised operations and performance tracking. Modernising legacy systems is a complex undertaking, but the rewards are immense – increased agility, enhanced customer experiences, and a competitive edge in the digital landscape. Read our blog to uncover more invaluable insights and strategies for pursuing insurance innovation without losing sight of organisational objectives, customer expectations, and market trends 🤔👉https://bit.ly/48SnqO4 #insurance #insurtech #digitaltransformation #Kanopiinsights

It's striking to see the technological advances the insurance industry has made lately. On the customer-facing side, there have been impressive initiatives taken into the digital age, offering capabilities to buy insurance, manage policies, and file claims through advanced chatbots and automated systems – a fantastic journey indeed! However, looking beneath this modern surface to explore internal operations, we encounter contrasting complexities. Legacy systems and rooted processes present substantial challenges in achieving true digital transformation. Enhancing customer interfaces is a significant step forward, but reconstructing internal processes is a different and more intricate endeavor. Unfortunately, this status quo is not just inefficient; it impacts accuracy and transparency and doesn't leverage data for business growth. I empathize with IT departments' challenges in modernizing backend systems and business processes. The good news is that for claims handling, there is advanced, readily implementable technology available already now. This technology can drastically reduce claims handling times and costs, all while enhancing customer engagement. We can't afford to let claims handling stagnate, waiting for the next big technological shift. Effective solutions are ready to be implemented. If you're keen to bridge this gap and expedite your progress, let's connect. Together, we can initiate the change the industry urgently needs and embrace today's technological solutions. #claimsmanagement #Insurtech #mavera

Exciting Times in the Insurance World! Thrilled to be part of an industry that's evolving rapidly. As we navigate through dynamic landscapes, innovation becomes our compass. 💡 🚀 Recently, I've been exploring trends reshaping the insurance sector, from digital transformations to customer-centric approaches. It's inspiring to witness the industry's commitment to resilience and adaptability. 🌍 Let's connect and discuss the future of insurance! What are your thoughts on the latest developments? How do you see technology shaping our journey? 🔗 #InsuranceInnovation #InsurTech #IndustryInsights #ConnectAndGrow

If you are into #claimsmanagement #insurtech or just interested in modernizing the claims handling, please see this:

Gabriel Lazaro, the Head of Digital Business for Chubb Overseas General, as he delved into the evolving landscape of digital insurance and how emerging technologies are set to transform the industry. Discover how Chubb is leveraging these innovations to enhance customer experiences and improve operational efficiencies. This conversation is a must-listen for anyone interested in the intersection of technology and insurance, offering insights into the strategies companies like Chubb use to integrate new technologies into their business flows. Learn from a leader who is at the forefront of digital transformation in insurance. Check out the link to the full conversation in the comments! #digitaltransformation #insurance #futureofinsurance #technology #innovation

Insurance companies face the challenge of balancing technological advancements with operational efficiency. While many have embraced digital transformation, the effectiveness of these solutions varies widely. To truly optimize operations and enhance customer experience, insurers must carefully select technologies that align with their specific needs and goals. This requires a deep understanding of current challenges and a clear vision for the future. Key factors to consider include: 📌Customer-centricity: Solutions should prioritize customer satisfaction and experience. 📌Adaptability: Technology should be able to evolve with changing market dynamics. 📌Integration: Seamless integration with existing systems is essential for operational efficiency. 📌ROI: Cost-benefit analysis is crucial to ensure a positive return on investment. By carefully evaluating and implementing the right technologies, insurers can gain a competitive edge and drive long-term success. What are your thoughts on the role of technology in the insurance industry? #Insurtech #DigitalTransformation #Technology #Innovation

Are you a digital laggard or innovator? Industry trends come and go, but technology that solves modern business problems is here to stay. For insurance carriers, this means deviating from trusted analog processes and taking a leap of faith into the world of data analytics and digitization. Discover your innovation mindset & how you can optimize your processes: https://hubs.ly/Q02LVjh10

Are legacy systems hindering progress? In short, yes, particularly within the #InsuranceIndustry, which is highly regulated, characterized by complex business models, and a traditional #Culture that hasn't always attracted the level of #TechTalent necessary for driving transformation. Yet, things are changing – and fast. Insurers are realizing the costly consequences of maintaining outdated systems and the competitive disadvantage they present in meeting customer expectations. While the challenges are numerous and complicated, they're being addressed head-on. These issues are explored in this BCG article, alongside insights about the different paths and best practices insurers can take as they modernize core systems in the context of the more widely evolving technology landscape. 📍Central to the discussion is the understanding that transformation is a joint journey for both the business and IT, which underscores the importance of adopting best practices. BCG offers compelling figures to show the value of transformation: 📊 Upgrading to a modern core platform with digital capabilities can enhance efficiencies and customer experience, resulting in a potential 25% revenue increase, along with expedited new-product launches. 📊 Global IT spending in the insurance industry soared to approximately $210 billion in 2023, with a projected annual growth rate of 9% until 2027. Moving forward, it's clear that we need to shed some of our legacy technology. That’s not to say we should reject all aspects of legacy. 💙At New York Life, for example, we take immense pride in the 179-year legacy of our mission to provide financial security and peace of mind to our clients - something that’s incredibly powerful but hard to measure. https://ow.ly/x80T50REqSg