Whilst there have been many voices bemoaning the increasingly heavy regulatory burden imposed on Insurers (and all Financial Services), those who are pushing for operational excellence actually find themselves well-equipped for much of the new legislation designed to bring poor-performing entities in line.
The modernisation of the insurance industry, and there are any number of working groups in London seeking to deliver broad operational enhancements for the benefit of all, is often going to come up against staunch traditionalists fighting to keep things as they've always been. However, increasingly those voices are being silenced when people see the benefit of embracing technological advancements.
A trend I am seeing is the push to enhance distribution and customer journey, which will ultimately raise the profile of the industry as a whole.
This article really drives home the point in terms of the difficulties faced when challenging the status quo.
Recognizing a growing threat by potential new entrants, insurers have acknowledged the need to transform core operations by implementing custom front ends, according to an in-depth study by Ovum titled, "Core Operations Modernization in the Global Insurance Industry." The research, which used interviews with 530 senior IT decision-makers at insurance companies worldwide, cited major shifts in demographics, economic power, regulation, and technology over the next few years that will bring about the biggest reorganization that the global insurance industry has ever seen.