Kanopi’s Post

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!

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.

Just launched! Our ‘How to’ Guide on "Navigating Innovation in a Legacy Landscape: Transforming Complex Insurance Environments." 📘  In today’s rapidly evolving digital world, the insurance sector stands at a pivotal point. As digital transformation becomes imperative, many insurers face the daunting task of transitioning from entrenched complex systems to innovative, agile solutions.  💡 Key Insights Include:  ▸ The Journey Towards Full Digitalisation: Overcoming operational complexities and improving customer experiences.  ▸ Meeting Changing Customer Expectations: Insights from global thought leadership and consumer surveys.  ▸ The Core System Challenge: Unlocking innovation and enhancing operational efficiency.  ▸ Beyond System Replacement: Strategies for targeted improvements using best-of-breed component architectures.  ▸ Aligning Strategic Priorities: The importance of integrating technology, people, and processes for successful transformation.  ▸ Preparing for the Future with INSTANDA: Real-world examples of agility and speed in launching new insurance products. Get equipped with the knowledge and solutions to confidently tackle the challenges of digital transformation.  🔗 Download the Whitepaper for Expert Insights here >> https://lnkd.in/eUrpTtQY #InsuranceInnovation #DigitalTransformation #CustomerExperience #InsuranceTech #insurTech #INSTANDA Andy Watts

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

🚀 **Revolutionizing Insurance: The Power of Technology!** 💼✨ In today’s fast-paced world, integrating technology into your insurance agency isn’t just a trend—it’s a game changer! By streamlining processes, tech enables your team to focus on what truly matters: **writing new business and strengthening client relationships.** 🔑 **Benefits of Tech Integration:** 1. **Efficiency Boost:** Automating routine tasks frees up valuable time for agents to connect with clients and explore new opportunities. 2. **Enhanced Customer Experience:** With tech tools, we can provide quicker responses and tailored services, making clients feel valued. 3. **Data-Driven Insights:** Leverage analytics to understand client needs and preferences, allowing for more personalized interactions. Let’s embrace technology and transform the way we do business! 💡 How has tech made a difference in your agency? Share your experiences below! 👇 #InsuranceInnovation #TechInInsurance #ClientRelationships #Efficiency #BusinessGrowth

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

***Transformation is inevitable but how we adapt is key*** Digital transformation is a phrase that has been thrown around quite a lot lately. It seems everyone is racing to stay ahead of the curve. But what does it mean for the insurance industry? Digital transformation in insurance isn't just about upgrading systems or automating processes -- though these are essential components. It's far more encompassing, fundamentally shifting how we interact with clients, manage risk and deliver value. The challenge here is navigation. Embracing change while retaining the trust and confidence, we've spent years building with our clients. After all, it’s not only about what we offer but also how we offer it. So next time you hear the term 'digital transformation', remember, that it's not just a buzzword but an opportunity to enhance client relationships, elevate operational efficiency and redefine value in our industry. Stay adaptable. Stay relevant.

Your Legacy Systems Are Costing You Money—Here’s How to Fix It. In today’s fast-paced insurance industry, sticking with legacy systems isn’t just slowing you down, it’s killing your bottom line. By modernizing your core systems, you can: ✅ Streamline operations ✅ Speed up product launches ✅ Deliver better customer experiences ✅ Enhance Decision-Making ✅ Integrate Emerging Technologies Why you can’t afford to wait: 1️⃣ 𝐂𝐨𝐬𝐭 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: Eliminate maintenance costs and technical debt for instant savings. 2️⃣ 𝐀𝐠𝐢𝐥𝐢𝐭𝐲: Launch products faster and stay ahead of changing regulations. 3️⃣ Customer Satisfaction: Provide real-time, personalized experiences that build loyalty. 4️⃣ 𝐑𝐢𝐬𝐢𝐧𝐠 𝐌𝐚𝐢𝐧𝐭𝐞𝐧𝐚𝐧𝐜𝐞 𝐂𝐨𝐬𝐭𝐬: As technology ages, the cost of maintaining legacy systems increases exponentially, eating into your budget. 5️⃣ 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐑𝐢𝐬𝐤𝐬: Outdated systems struggle to keep up with evolving regulations, increasing the risk of non-compliance and hefty penalties. The future belongs to those who innovate. Will you lead the way? #legacysystems #digitaltransformation #insurtech #technology

Interesting article helping shed light on the obvious. Realising gains through the use of technology doesn't mean simply upgrading existing systems. "To generate growth and innovation, insurers must expand their digital investments beyond legacy modernisation and digitisation efforts" https://lnkd.in/eGJA6czZ #Paper #PaperInsurance #Innovation #InsuranceInnovation

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