INDUSTRY OUTLOOK
within the personal lines and SME commercial risk space . To ensure success and longevity , it is important organisations embrace – rather than compete with – these firms .
How to accelerate your insurance innovation journey
Increasingly insurers are leveraging digital ecosystems where complimentary technology vendors work together and excel in their area of focus , whilst providing a connected environment that streamlines data , breaks down silos between teams and enables a truly digital operating model . If insurance firms can deliver a modern , market-leading back and middle-office infrastructure they will be well-positioned to better serve their customers and fend off digital competitors with comparable offerings while using the considerable capital resource and reputation in the marketplace .
No-code , flexible , rules-driven solutions are crucial for any organisation ’ s medium to long-term objectives . Firms need to innovate and evolve in line with changing market conditions rather than standing still and getting left behind . Therefore , it ’ s vital that technology is flexible enough to accommodate these changes and adapt over time . This is where the power of no-code comes in , enabling business teams to evolve their solutions and financial operations processes .
As well as this , AI has been a gamechanger for the insurance industry . Mainly because firms are able to deploy the technology to real-world
The insurance industry is undergoing a significant transformation driven by technological innovations and consumer expectations .
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