Technology infrastructure for global insurers
Editorial by Hugh Terry
This month’s InsurTech Insights explores how technology infrastructure is evolving for global insurers. In tandem with this edition we are also hosting a webinar on the same topic, on Wednesday 29th August. For more information and to register click here. There is no doubt that technology is reducing the barriers to global insurance business models – and just as manufacturing has already globalised, there is strong rationale to see the globalisation of many insurance business lines over the next decade.
Yoshi Makita, from KPMG Australia, in his article identifies three root causes driving the need for a sustainable and nimble digital infrastructure – changing consumer behaviour, new InsurTech business model, and continuing M&A activity. Yoshi then looks at the practical challenges facing global insurers and how they can upgrade, integrate or bypass legacy technology.
Rick Huckstep in his article looks forward and predicts that natural language processing will quickly remove language as a barrier to globalisation of infrastructure, and when combined with cloud based global infrastructure will be able to meet customer requirements at significantly lower costs. Rick also looks more deeply at two InsurTechs with offerings that are potentially global in nature.
Do also check out the additional content we have available on this topic lower down the page. I would recommend in particular the articles on Zhong An and Lloyd’s. Zhong An will be part of the webinar mentioned earlier and for more information visit the webinar page here.
Rick Huckstep looks at how natural language processing is removing traditional barriers to globalisation for insurers.
As insurers adapt to evolving customer needs, KPMG gives its recommendations for organisations evolving their tech stack.