What will be the top IT challenges and trends for the insurance industry in 2014? X by 2, a consulting firm specializing in the industry, offers the following:
Ramping up self-service. The age-old model of relying exclusively on the human channel — agents — in the insurance industry is breaking down. Agents can no longer be the only channel for servicing the consumer.
“Insurers that embrace change and make significant investments in direct-service channels and self-service capabilities to consumers through mobile and web will gain market share for the foreseeable future,” says Yasir Hussain, principal of X by 2. “While system modernization continues to take place in the backend, leapfrog investments will be made to the systems supporting mobile and web.”