Here’s the latest from Earnix, who have discovered that some two-thirds of insurance brands surveyed plan to make more of AI in the future. Other results include;
More than half of respondents (51%) report their company had to pay a fine or issue refunds due to errors in the last year
58% of respondents take more than 5 months to implement a rule change and 21% take longer than 7 months
Insurers still need to move beyond legacy systems and fully modernize their operations, yet 49% admit they are behind schedule
After years of uncertainty, many insurers are ready to take the next steps to implement more effective strategies to grow their business and stay ahead of the competition. Our 2024 Industry Report surveys 431 global insurance executives on how they are responding to the critical developments that are shaping the future of insurance.
You’ll learn about:
- The Need for Modern Systems: Explore the urgent demand for updating legacy systems to enhance efficiency and service delivery.
- High Expectations for Advanced Analytics and AI: Discover how AI and advanced analytics are setting new standards in data processing and decision-making.
- Underwriting Processes: Review the significant improvements in underwriting and the ongoing need for further enhancement.
- More Time Focused on Regulatory Compliance: Learn about the increasing time and resources insurers must devote to compliance in light of ever-evolving regulations.
- Improving Collaboration: Understand the barriers that current technological infrastructures pose to collaboration and innovation, and how overcoming these can be a game-changer.
Download the report to equip yourself with the knowledge to thrive in this new era of insurance.
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