As enterprise software evolves from cloud-hosted to cloud-native architectures, systems deployed even a few years ago will need to be replaced to support innovation, speed-to-market, and increasingly sophisticated expectations around customer experience.
For nearly a decade, insurers have assumed that digital transformation required massive core systems replacement projects. But new ways of thinking have emerged among insurers that want to deliver digital customer experiences and transform their processes and culture without all the drama.
Author, advisor, and innovation expert Chunka Mui offers observations on insurance, digital transformation in the time of COVID-19, insurtech investment, and how one insurer seized the opportunity during the crash of 2008
Once safely isolated from the digital transformation of insurance, the global pandemic is forcing dental insurers to swallow a lot of change all at once.
With coretech, cloud, and continuous integration/continuous delivery, the days of disruptive updates to insurance core systems are in the rearview.
As insurers look to form sustainable and scalable ecosystems, they’ll need to expose their products, rules, and rates to other systems of engagement. But are incumbent systems up to the challenge?
The whole idea would have been ludicrous even three years ago. Now, seemingly out of nowhere, new and credible insurance brands are popping up with slick user experiences, instantaneous quotes, five-minute buy cycles, and DIY service options—all available on your phone—24 x 7 x 365. And what makes all this possible? Rapidly maturing cloud-native architecture, digitization, open APIs, and the mainstreaming of the greenfield initiative as a favored strategy are enablers.
If you could start over, knowing what you know today, what would your life look like? Where would you live? How would you spend your time and money, and with whom?