Though the insurance industry has been in a constant state of evolution since its inception, there is nevertheless a stark difference between the shifts of yesterday and today.
After all, the modern insurance carrier faces a dynamic environment teeming with emerging technologies from Artificial Intelligence, Natural Language Processing, and Cloud to a significant number of new analytics and data mining capabilities pulling more value and power out of big data, third-party data, and unstructured data.
Yet, despite the availability of modern solutions, many carriers still rely upon on-premises core systems for the most critical business functions. As the industry adds new products and services to keep up with the unprecedented pace of change, constantly emerging and evolving risks, regulatory influence, and intensifying customer expectations, the number of legacy systems and technologies continue to proliferate.
The result?
Carriers find themselves in the unenviable position of being challenged to not only find and adopt new technologies and solutions but to tap data from a rapidly expanding variety of sources to create competitive insights and advantages—all this while their workplaces depend on outdated, legacy skillsets to keep the lights on.
In order to properly leverage these new technologies, however—to begin, that is, to truly innovate, accelerate speed to market, and get out ahead of the competition—companies need the right talent.
There is no shortage of smart, competent, tech-savvy people working in the insurance industry.
So, why do large-scale insurance companies need outside consultants to come in and help?
First and foremost, because of the multifront challenges unique to the industry requires not only upskilling your own in-house staff but further empowering them with specialized, seasoned talent to accelerate digital transformation and innovation while modernizing and integrating legacy systems.
Companies must continue to maintain and modernize their existing application portfolio while at the same time investing in new systems and technologies to drive digital transformation and business innovation. Technology is developing at a swift pace and companies need to find the best talent from the very small pool available in the market. It leads to a lack of best candidates and higher costs for onboarding the right talent. That’s why most companies are now looking at the alternate solution.
To serve this demand, an IT consulting firm can quickly fill the talent gap with specialized, highly-skilled workers across both the business
and consulting spectrum and, therefore,
clients keep up with the most effective technology and the latest trend in emerging technologies to help them leverage these technologies.
This enables insurers to reallocate the necessary resources from core business tasks to potentially disruptive initiatives and rebalance their product portfolios away from near-term product improvements and toward potential breakthroughs or new business models and digital capabilities—forms of innovation that often hold greater potential to generate sustainable sources of growth and outsize returns.
It only makes sense: Not only is there a massive set of technology resources available to tap into—thanks, in no small part, to our ever-more interconnected world—and the fact that everyone has built the infrastructure and knowledge base to share and manage virtual resources globally.
The key to success is having the right talent and skills at the right time to build high-performance delivery teams to accelerate transformation and innovation initiatives while mitigating operational and delivery risk, contributing to realizing your business goals sooner, safer, and with more predictable outcomes.
At OZ, we are partners with your priorities. We work side by side with you to fully leverage the relationships we’ve built with the world’s leading technology companies over the last twenty-five years so you can reap the benefits of best-in-class implementation, integration, and automation—making the most of your technology investments and powering next-gen innovation.
Whether your company seeks to update technology infrastructures, increase data accuracy, lower operational costs, streamline systems and processes, or address any number of other issues, OZ offers Intelligent Automation services including comprehensive AI-based Machine Learning and Robotic Process Automation (RPA) processing functions to help you turn challenges into opportunities.
Contact Mark Smith, President of the Global Insurance Practice and Insurance Practice Leader, to discuss how Intelligent Automation can streamline processing and enhance profitability for your business.