From Netflix to WhatsApp, digital disruptors are everywhere. It is happening in the insurance industry as well. From Lemonade which promises policyholders zero paperwork and almost instantaneous service to Slice that offer on-demand ride- and home-sharing coverage, these insurtech startups are developing new business models leveraging technology to deliver products, services and the overall experience that today’s customers expect. What these insurtech companies have done to the insurance industry are valuable disruptions and can help the industry move forward.
The incumbent insurers now need to figure out how to reinvent themselves in this new age of digital and data, and they already understand that they need to make investments in this area. Gartner mentioned that insurers who make investments in digital modernization strategies are 63% more profitable on average than their industry peers who does not. Insurers know that they should undertake digital transformation immediately or risk being left behind by competitors. But how far must they go to achieve the agility, efficiency and effectiveness needed to thrive in this new environment?
Recognizing the limitations of existing IT infrastructure, many insurers are looking for modern platforms that can be wrapped around legacy systems that they already have. Many insurers have already started core systems replacement, which insurers are counting on to help them become more agile and responsive. Replacing the core system with a modern policy administration platform can be the foundation for future digital transformation and can bridge the gap between today’s systems and making you the digital insurer of tomorrow.
At Oracle, it is our mission to help insurers build competitive advantage in the market. We have solutions such as core systems, big data, analytics, artificial intelligence, the cloud and the Internet of Things to digitally transform your business and prepare you for the future. Join industry executives and analysts at Oracle Industry Connect in New York, where you will hear from carriers and their experiences in implementing modern technology to accelerate their digital transformation.
Learn more about their pioneering strategies that are producing unprecedented innovation. The Financial Services and Insurance program brings together top business and IT executives from leading financial institutions including insurers, healthcare payers, and banks. Join your industry peers for in-depth conversations on trends, challenges and opportunities facing insurers today.
Take a look at the full agenda and register today.
Don’t forget to keep up with Oracle Insurance year-round via social media.