Reimagining Insurance in the Age of Digital
DOUBLE WHAMMY: Low-interest rates and slowing demand for traditional products has mired the Life Insurance industry in recent decades. Add to this the ongoing regulatory changes and roadblocks such as non-committal DOL Fiduciary ruling and we are staring at a wall. Further, legacy infrastructure and lack of investment in platform modernization have added to bloating costs and reduced productivity.
To stay relevant and viable, Life Insurance carriers need to innovate. They need to create value for their stakeholders, their customers, their distributors, their employees and their equity owners. And at the same time, reduce cost structures.
Emerging new FinTech and InsurTech players bring new opportunities to carriers who lack technology and ecosystems to capitalize on, and seize the benefits being offered. These new firms are driving platform providers into the digital age.
This newsletter features Gartner's 2018 Magic Quadrant for Life Insurance Policy Administration Systems, North America, in which Infosys McCamish is rated as a Leader. This newsletter titled 'Reimagining Insurance in the Age of Digital' aims to address how insurance providers should remagine their business while preparing for the future. The newsletter also features transformation stories of leading insurance providers.
Gartner Inc., Magic Quadrant for Life Insurance Policy Administration Systems, North America, G00337313, 22 August 2018
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