The impact on claims from diverse forces as inflation, rising interest rates, altered driving patterns, cyber threats, and extreme weather events, to name just a few, create scenarios with upward pressure on premiums and highly uncertain outcomes.

With shrinking profit margins, auto manufacturers and lenders are embracing complementary products and services as never before. This has forced their thinking to evolve away from closed, legacy technology architectures and standalone software applications to a strategy that accommodates flexible connections with those partners.

Customers now demand personalized experiences. They’ve grown accustomed to personalization from so many companies they now do business with, across industries – from retail to travel to entertainment to banking and finance – and they’re increasingly expecting them from insurers.

Improving agility is not just an internal accomplishment. While this helps enhance internal workflows and processes – saving time, increasing productivity, and generating new efficiencies – truly agile operations also deliver benefits for the entire organization. Improving the agility of operations will become table stakes as the entire insurance industry looks to take advantage of many different digital use cases.

Forward-thinking organizations in financial services now deploy sophisticated tools such as artificial intelligence (AI) and machine learning (ML) to upgrade the customer experience throughout the customer journey. These firms have rightly prioritized decisioning and analytics to remake their business models.

With the coming of the COVID-19 pandemic and now with its aftershocks, inflation is once again front and center for all businesses, especially for insurers. With little guidance from recent history to mitigate inflation’s effects, insurers are searching for novel answers to protect their financial positions and to provide better customer experiences (CX) to their end-consumers.

Speed to market is a top priority for virtually every insurance company today, and for good reason. In order to compete – against traditional vendors as well as aggressive new market entrants – insurers need to do all they can to meet customers’ demands when it comes to delivering exactly the right product offer extremely fast.