Just a few short years ago, insurers began to grapple with digitalization and the inflexibility of their legacy core systems. Then, seemingly overnight, the challenges were compounded. Digital assistants ushered in the ecosystem economy, promising to blur traditional industry boundaries and requiring businesses to interconnect flexibly, rapidly, and in new ways.
Insurtechs burst onto the scene to take advantage of ecosystems and their enabling technologies: APIs, mobility, AI/ML, IoT, and analytics. And customers and partners of every stripe began to demand the direct, streamlined self-service options and customer experiences they enjoy everywhere else.
As if all of these disruptors weren’t enough, the COVID-19 pandemic and climate challenges, like raging wildfires and floods, forever changed our industry. These situations have accelerated demand for direct-to-consumer insurance experiences and heightened imperatives for rapidly responding to fast-moving circumstances.