The insurance industry is going through a remarkable shift in buyer behavior, marketplace dynamics and technology. Just in a few years, the insurance landscape has been taken over by a digital mindset. The process of retaining, acquiring and prospecting customers has changed. Today, a customer's journey - from consideration to purchase - is beginning online.
Digital readiness is the key for insurers to thrive in this highly competitive industry. One of the biggest challenges faced by insurance companies in their digital journey is transformation of their rapidly aging and complex legacy systems and data silos. There is a strong need to reimagine these outdated systems and ensure seamless integration of disparate systems and processes that powers delivery of connected customer experiences across multiple channels.
UIA Mutual Insurance, one of the UK's leading mutual insurers, achieved just that by modernizing their legacy systems and building reusable assets. But how does one modernize a pricing change process that takes 45 days to complete, to taking only 1 day today? As a provider of insurance for over 125 years, that is no small feat with many embedded systems and processes to unpick.