The industry’s heavy reliance on outdated legacy systems may be holding it back from modernizing, panellists note during a Canadian Underwriter webinar — and this could be a problem for attracting IT talent. “Legacy platforms are a big challenge for…
While the global COVID pandemic may have sharpened the insurance industry’s focus on providing digital solutions to customers quickly, the speed at which the industry can move remains limited by traditional barriers such as a carrier’s organizational culture, regulation, and…
Legacy systems have long been the scourge of the industry and they are one of the things standing in the way of artificial intelligence (AI) implementation, a speaker suggested last week at the Insurance-Canada.ca Technology Conference in Toronto. “There’s a…
As insurers move away from their legacy systems and onto more flexible platforms such as Guidewire and Duck Creek, the days appear numbered for portal solutions. Real-time data exchange is now front and center as a priority for the Insurance…
Implementing blockchain technology could produce hefty cost savings in the billions of dollars annually for the financial services market, suggests a new report released Friday by Minnesota-based BIS Research. Characterizing blockchain as a revolutionary development, its application “could lead to…
More than four in 10 companies surveyed for an XL Catlin-sponsored study have reported achieving positive outcomes from digital transformation investments, especially those using digital technology at all levels of operations, from supply chains and distribution networks to compliance activities…
A gap in understanding how best to mitigate and communicate risks around the Internet of Things (IoT) persists despite organizations reporting high concern about related security, notes a new report from Ponemon Institute and Shared Assessments Program. Released Wednesday, The…
Higher levels of Internet connectivity and inadequate enterprise-wide security are expected to pave the way for criminal data breaches costing businesses around the world about $8 trillion over the next five years, suggests U.K.-based Juniper Research. Research released Tuesday indicates…
ATB Financial announced Thursday that the Alberta-based financial services provider has joined the consortium of financial innovation firm R3 to design and apply distributed and shared ledger-inspired technologies to global financial markets. The company will be collaborating with more than…
Advanced analytics and other emerging technologies are revolutionizing the way governments and public service agencies are trying to address citizen demands, helping to overcome persistent challenges such as regulatory compliance, outdated legacy IT infrastructures and organizational cultures, according to a new…
Digital transformation can propel the insurance industry forward but barriers exist, with a “significant gap between organizations that leverage technology for competitive advantage and those that struggle with innovation,” according to a new study. The study, titled Assessing digital impact…
Lower costs and higher efficiencies can be realized through adoption of smart contracts, with potential annual savings in the personal motor insurance industry alone amounting to US$21 billion globally thanks to automation and reduced processing overheads in claims handling, Capgemini…