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December 13 2018 | Karen Furtado

In 2018, insurers transformed in many ways, with wide spread progress being made in the areas of innovation. We have seen a collaborative mindset resulting in the conjoinment of the rich expertise of incumbent technology with the speed and agility associated with InsurTechs. Insurers that have embraced this have accelerated their pace of change and launched several initiatives from both business and IT perspectives.

SMA 2019 Predictions KF website2019 will be the year for many companies to capitalize on the agile mandate, while others will just begin their journey in this direction. This new mandate should be watched carefully as insurers begin to deploy and demonstrate various aspects and examples of agility across the business of insurance. It will be a year of bolder steps forward – by all sizes of companies – as they embrace the opportunities set before them.

The agile mandate impacts insurers from multiple perspectives:

  • Innovation – A key mantra from this year has been innovation, which will carry into 2019 as a vast majority of insurers see the need for a new decisioning pace that can keep up with the increasing pace of change. 
  • Technology development and change – Insurers will streamline their technical organizations – reorganizing around the theme of agility and fast change turnaround cycles.
  • Incubation of new products and services – The time from innovation to deployment needs to be condensed, and products and services will be developed to meet the needs of the changing risk landscape.
  • Solution providers – The development of software that is microservices-based and cloud deployed will be aimed at improving upgradability and providing capabilities to support a rapidly changing customer experience.
  • New era of computing advances – Providing capabilities that are built around speed in computing will include advances in cloud computing, the user experience, big data, and AI.

2019 will be a tipping-point year where the buildup of business and technology advancements will create market differentiation for many. 

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To learn more, please contact:
Karen Furtado
Strategy Meets Action