The insurance industry today faces a surge of challenges: massive volumes of unstructured data, rising risks, inflation-driven claim costs, and increasing customer demands. It’s a tough environment—but not unbeatable if insurers respond wisely.
Unfortunately, many insurers are lagging behind. An Accenture study revealed that just 10% of insurers are classified as “future ready” in terms of operational maturity. That means the majority still have significant progress to make.
So, what does operational maturity look like in 2023? It involves using vast amounts of data to guide smarter decisions, adopting AI tools to empower employees, and placing automation at the heart of business operations.
Why is this so important now? Because the insurance landscape is evolving fast. McKinsey forecasts that over 50% of claims processes will be automated by 2030. Bain also notes that automation and related technologies could cut operating costs in half for insurers.
Modern insurers understand that this is a major shift in how the industry operates.
Today, processes like customer service, underwriting, billing, and claims are no longer paper-based or manually repetitive. This transformation spans all types of insurance—property, casualty, life, annuity, and benefits.
So what’s next? Companies that act now to modernize will gain a lasting edge over competitors. But in a rapidly evolving landscape, what’s considered an advantage today will soon become standard.
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