Realignment in Insurance: Strategic Priorities for Success

The insurance industry is waking up to a realization that its operational models and foundational technology that have been used for decades might not meet the challenges as well as opportunities that are being presented today. No area is off-limits. Operational costs have increased, the fight for talent has become fiercer, and customer expectations continue to increase.

We are now entering a new era underpinned by these tumultuous factors that we are calling the Realignment Era.  Efforts over the years to keep pace with these shifts have been incremental at best, creating much of the operational challenges faced today because we did not shift our thinking.

As 2024 unfolds, decisions will be made on priorities. Those decisions will influence which companies will emerge as winners in the next three to five years, with a solid operational and technological foundation to achieve operational optimization, cost-effective scalability, and adaptability to shifts through innovation.

Read this report to better understand:

• Why insurers must have a technology foundation built on a robust next-gen architecture to compete in the present day and into the future.
• The need to continue the digital transformation journey to keep pace with the substantial increase in competition, including fresh looks at data & analytics, loss control, and channels and distribution management.
• Strategic priorities that are required to succeed as the transition to the Realignment era happens.