If working remotely has taught us one thing over the last couple of years, it is that insurers can no longer avoid overhauling their IT systems. The pandemic has expedited our lives online, but even before March 2020, the insurance sector was looking towards digitisation. The race is now on across the industry to provide more digital products and services, marrying insurance processes with modern-world experience.
Given the advances in technology we have seen in recent years, it is surprising how many insurers continue to rely on dated computer systems. Flickering green screens and ageing back-end systems will simply not do moving through 2022 and beyond. Ensuring customers are offered the right products and services at the right time is key.
Mark Cliff, Chairman of Hastings Direct, Avid Insurance Services and Bode Insurance Solutions, and non-executive director of Hiscox, Ivernia Insurance and Evolution Claims Management Contents said:
"It is no secret that the insurance industry needs to embrace digital technologies. Challenger brands are using technology as a point of differentiation and established players appreciate the economies that can be gained through digital strategies. But going digital is not easy for those insurance providers that still rely on legacy or ‘green screen’ systems for operations. Ripping out and replacing the entire back end of the business is not a task that can be undertaken lightly.
For those companies that are unable or unwilling to embark on a wholesale replacement of their IT systems, the only option until recently was to watch as more nimble digital competitors captured more market share. But now there is an alternative. The Sdx platform introduced in this paper provides insurers with a simple and cost-effective way to deliver the latest digital services and applications without having to touch the legacy systems that power the business.
Deploying Sdx can improve the customer and agent experience while delivering significant bottom-line benefits and improving security and compliance. I believe it can be a key step along the industry’s path toward digital transformation."
This paper examines the challenges of continuing to rely on ageing computer systems for customer interactions, and the low-risk solutions now available to help insurers deliver digital services that improve engagement and response.
To read the full paper, please download.