PERSPECTIVES

Designing Better Software-Driven Experiences for Insurers

2020-10-07


The ability to quickly develop and deploy software is central to insurers’ commercial success. Here’s how industry players can embed software engineering at the heart of their businesses.

The digital world is built on software. Code that enables extraordinary experiences, delivering cutting-edge products and services that are used at work, on the road, at home or anywhere people connect with content and each other.

The COVID-19 pandemic has shown that agility and elasticity are paramount to business differentiation, highlighting the need for modern software engineering approaches that include Agile, cloud-based development, DevOps with end-to-end automation, and human-centric design. As remote work and digital interactions surge, insurers must build more engaging experiences while enabling operational efficiencies, improved decision making and software-driven innovation to continually satisfy and delight customers.

We recently surveyed roughly 500 insurance business leaders worldwide to understand their modern software engineering ambitions. Our study revealed a large gap between their intent and tangible actions and results to advance on their software agenda. Software superiority is essential to insurance companies, which are now facing evolving demographics, new consumer behaviors and desires, and fierce competition — all further exacerbated by the pandemic.

To emerge stronger, we offer six recommendations on ways insurers can transform into software-centric businesses.