For decades, the creation and evolution of insurance markets, products, channels, technology, and customers unfolded at a slow and steady pace. It took months if not years to launch a new product. Core business technology was replaced only every 20-30 years and the projects took many years and multi-millions to implement. Customers were the Baby Boomers and Gen Xers who followed similar life stages and had similar needs and expectations. Companies managed and lived with slow transformation because everyone was in a similar position.
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the-insurance-network
Systems hosted in the cloud cost less to maintain, can be rapidly changed and enable a faster route for deploying new products and customer functionality. However, many insurers are yet to embrace the transformative potential of cloud technology.Join our upcoming webinar to hear the latest on the challenges and opportunities for insurers, and what it will take to successfully achieve your journey to cloud.
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reutersevents.com
To best reach their customers insurers are moving to digital distribution channels. This is meeting the needs of the growing tech savvy customer base and allowing for direct communication, but challenges come where customers require support and advice in complex processes.
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IBM
Insurers point to three changing trends in financial crime. First, a growing variety of offenses in all forms, from the traditional claims fraud, underwriting fraud and fraud by agents and providers, to non-traditional forms including identity theft, money laundering, bribery and corruption, collusion and insider threats. Insurers must also comply with regulations around ‘Know Your Customer’, Sanctions Screening, privacy, security and more
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