Business Transformation in Insurance: From Legacy to Intelligent Future

In this Tx Show segment, Jon Mayo(SVP, Insurance Practice Head) & Rakesh Pal (VP, Insurance Vertical Head) dive into the critical need for business transformation in the insurance industry. They explore into the shift from legacy systems to modern, cloud-based platforms, discussing how this transformation is driven by evolving customer expectations and the competitive pressures from insurtech disruptors.

They break down the transformation into three key components:

1. Core Modernization: Transitioning to cloud-based, API-driven platforms.

2. Digital Enablement: Creating omnichannel experiences through portals and apps.

3. Intelligent Automation: Leveraging AI and machine learning to automate workflows such as underwriting, claims processing, and fraud detection.

Rakesh and Jon emphasize how domain expertise is essential for successful transformation. Technology alone isn’t enough; understanding the nuances of insurance workflows ensures that solutions are both innovative and compliant. Tune in to hear how insurers can stay competitive in the digital age.