Success in the insurance business depends on understanding, evaluating, and pricing risks. That is hard enough in a predictable environment, while today’s insurance companies must now rapidly adapt to much more varied and unpredictable business situations.
Insurance companies need to focus more aggressively on transformative projects that will build long-term, innovative foundations. There needs to be a more agile and more responsive approach to looking at customers and opportunities in completely new ways. Traditional approaches with internal siloed systems based on line-of-business limitations can no longer support continued growth.