Core Systems Transformation is the next evolutionary step toward sustainable excellence and future success for insurance businesses. The key to this shift is how the insurance industry adapts new technologies into its practices–and how insurers embrace its essential values at all levels of their corporate culture.
In a new thought leadership piece, I.I.I. CEO Sean Kevelighan offers a few insights that we hope will initiate a broader discussion on the subject.
“Many liken the adoption of automated and/or augmented intelligence to a “4th industrial revolution.” Uniform standards—Stevenson’s railroad gauges and Whitney’s use of interchangeable parts—helped to power the first industrial revolution. To bring about the next revolution, insurance must further develop and implement its own sets of industry standards to facilitate change and growth in all areas and at all organizational levels: from IT to underwriting to product to distribution and customer service.
Much in the same way leaders in the Fintech sector have leveraged new technologies (e.g., blockchain) with outstanding results, insurance needs to acquire the tools, practices and perspectives (expressed by one global business processor, Xchanging, as conforming around “standards in data, processes, hubs, service providers and technologies”) to maximize and streamline products and, indeed, every link in the insurance value-chain.”