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“ Legacy insurers are often anchored to dated systems and processes that deter them from capitalising on the big data goldmine ”
BERNARD MARR DIGITAL STRATEGIST , AUTHOR , AND FUTURIST
“ Besides , a culture that is risk-averse and clings to traditional business models can also curtail innovation . The larger size of legacy companies , compared to nimble insurtech startups , often means they have more bureaucratic inertia which can slow down the adoption of cutting-edge technology .” However , Workday ’ s Patel feels this inertia could be wearing off .
“ For years insurers have used tried and tested methods for claims analysis and underwriting , which have worked , but now they are recognising the need to embrace change and digital innovation . This is a mindset shift for traditional insurers who are not used to working with tech partners ,” he explains .
“ We are seeing a shift in the employment market , where talent let go by big tech companies is being snapped up by more traditional organisations . Interestingly , however , it is those who are starting to use smarter , AI-driven recruitment tools in their back offices who are best able to find the kind of digital talent and skills they need to drive innovation and progress .
“ There has been some progress , particularly in customer-facing applications , but at the back end , most continue to use legacy IT environments where valuable data assets remain siloed in different departmental systems .”
58 September 2023