Where do Insurers see the biggest opportunity for Innovation?

Technology innovation is driving huge change across the insurance industry.

Legerity’s latest IFRS 17 webinar focussed on Insurtech and Innovation, with insights from across the market – an insurer, a consultancy firm, a solutions provider and a regulatory view.

During the webinar, we turned to our global audience of insurance experts and asked where they see the biggest opportunity for Innovation within their own firms.

ifrs 17 innovation insurance poll results

Our panel of experts discussed whether these results align with their market experience.

Jeremy Wood, CEO, Legerity

“I don’t think there’s any surprises really in the split. What’s really encouraging is the acknowledgement that actually, innovation and insurtech isn’t just the domain of the front office.

When we’ve looked at other sectors over the last few years, innovation really takes off in the front office and it always will in terms of improving the client journey; making client enablement and engagement  better.

That’s where it has to start, but I think we can see this as acknowledgment of using insurtech and innovation to improve other aspects of the business; whether it’s ops, the back office for finance and accounting, or risk and compliance.

I think that mirrors what we’re seeing globally in our discussions – and that actually, we can’t look at any one part of the business in isolation.

It’s really encouraging and that’s a great result.”

 

Declan O’Rourke, General Manager – Ireland, AIG

“I agree with that.

The front office is all about the customer experience. You can see a change now from the way people bought insurance years ago in the yellow pages, going to a broker and filling out big forms.

Some people are still happy to do that, but now more people are buying online, and they want to use webchat. The future is going to be Amazon Alexa – people are going to buy through Chat Bots and they’re probably going to buy from the drive into work, until their cars are driverless, and then they won’t buy it at all.

Things are going to continue to change, that’s just life, and the front office is really where all the action is in my mind. There are opportunities to innovate a lot of operations are going global now, to hubs and there is AI replacing what people are doing in offshore locations.

The results don’t surprise me at all”.

 

Brian Morrissey, Partner and Head of Actuarial, KPMG Ireland

“I suppose I was pleasantly surprised to see the back office as high as it was. In terms of what we see [from the market], you get more bang for your buck at the front end. Customer experience payback is more immediate and the back office less tangible and less visible.

The stats don’t surprise me but it’s nice to see the back office getting that focus.”

 

Legerity see investment in the back office, via programs like IFRS 17, will drive improvement over the entire business – streamlining processes and reducing costs, bringing business agility and enabling the finance function to be a strategic business partner.

To discuss how Legerity’s FastPost platform could transform your finance and risk function, contact info@legerityfinancials.com