Modern Insurance Magazine Issue 65

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INSURTECH The Fastest Fish in the Ocean Fresh from Insurtech Insights’ 2024 Europe conference, one thing is clear. Even in the space of just 12 months, there has been a marked shift in the insurance industry’s appetite for digital transformation at scale. To use a phrase from a panel discussion that I was part of at the conference, ‘the industry is in the midst of a tidal shift’. It’s no longer about being the biggest fish in the ocean; you also need to be the fastest. The speed of technological change is unlike anything the world has seen before. The momentum in machine learning, and particularly Generative AI, is rapidly changing the way that insurance companies manage risk, not to mention the way they think about, or interact with, customers. Insurers recognise that they must digitise to defend their position, and then take another step if they want to gain market share! That said, most of the insurers I know also see immense opportunity in this challenge. This is why core modernisation, which involves taking a layered approach to rearchitecting core systems with cloud-based solutions (like INSTANDA), is rapidly rising in importance. From a governance and regulatory perspective, it’s very difficult for large insurance carriers to change their operating models at pace. That’s where INSTANDA’s solution is a particularly attractive one. INSTANDA enables insurers to take a slice of their operating model and make it much more agile in terms of change. Over the next few years, larger insurers will see their cost base reduce as a result of modern technology solutions. From the conversations we are having with new and prospective clients, there’s a palpable focus on making interactions with the customer more meaningful and frictionless across the value chain. Insurers have always wanted to do good for their customers (and they’ve done a pretty decent job over the last 300+ years), but there’s a pivot happening. Progressive insurers are looking at their business through the customer lens to meet the customer where they are with products and experiences that they want and need, and all at a far quicker pace than what the insurance industry is accustomed to. This is not to say that the legacy challenge has disappeared. Far from it. Operating models are holding insurers back. Beholden to complex and deeply engrained legacy technology, many do not have the middle and back-office functions to consistently reiterate their product offering and pricing. As a result, they run the risk of being outpaced by the competition. Tim Hardcastle, CEO and Co-Founder, INSTANDA 86 | MODERN INSURANCE
40 insurance technology experts from across the world share their insights. Delve into the conversation to: Explore the profound impact technology is having on the insurance landscape. Uncover customer demand for greater personalisation, choice and transparency, and learn how insurers are responding with customer-centric products and experiences. Understand how AI and connected technologies are positively impacting the insurance value chain, and how progressive insurers see the opportunity ahead of the risk. Discover why core modernisation is rising in importance as insurers seek to navigate aging technology and complex systems. Visualise predictions for a future where insurers actively participate in their customers’ lives, serving them with embedded, preventative products. Ready for a thought-provoking read? Download your free copy of INSTANDA’s Global Report here. instanda.com
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ISSUE 65 ISSN 2515-3803 I SPY CYBER
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WELCOME Welcome to Issue 65 of Mode
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EDITORIAL BOARD A Varied Approach t
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Consumer Duty Defines the Role EDIT
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EDITORIAL BOARD Embedding Consumer
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EMPOWERING THE FUTURE OF REPAIR Tec
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Modern Insurance Magazine Issue 65

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