DIGITAL TRANSFORMATION
TAL ION
CE insurtechdigital
Legacy systems have long been a problem for insurance providers . The idea of moving customer data away from incumbent systems , many of which are decades-old , is a daunting prospect for most insurers .
Something has changed in the last couple of years , however , with the pandemic forcing the hand of many companies and bringing about wholesale change in attitudes . According to KPMG ’ s 2020 CEO outlook , published in August 2020 , 85 % of CEOs surveyed said that the pandemic had accelerated digitisation in their operations , as well as the creation of nextgeneration operating models . Almost 80 % agreed that COVID-19 had hastened their implementation of more seamless digital experiences .
And yet , for many leaders , the biggest obstacle to digitisation was never technical – even when they thought it was . Almost 4 in 10 CEOs cited a lack of insight into future operational scenarios as their biggest digitisation challenge , followed by nearly 3 in 10 CEOs who said it was related to difficulties in making quick technologyrelated decisions across their business .
This is reflected in a report from IBM , published in December 2020 , which found that a COVID-related culture shift was allowing insurers to break free from prepandemic hesitancy .
“ Before the pandemic , many organisations seemingly distrusted their own technological capabilities and doubted the skills of their own workforces ,” IBM said . “ Yet , in the blur of pandemic-induced reactions , those anxieties proved largely unfounded .”
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