4 ways the insurance industry is innovating change
July 24, 2014 by Lynette Gil
A recent survey by SAP, a European multinational software corporation, to 200 insurance executives at the IASA Annual Conference held in June found the factors that are motivating insurance innovation strategies.
Some of the respondents state that they are adjusting products to suit millennials’ needs, developing new products following new technological advances, focusing on the customer experience, while also maintaining a priority to “inject agility and speed throughout their processes” by implementing new technology like cloud computing, the survey discovered.
“Cloud computing has matured and we’re seeing insurers shift from leveraging the cloud for just back-office functions to implementing cloud across the entire organization,” said Ross Orrett, global head of Insurance Industry Innovation and Development at SAP.
