If your firm is like most life insurers, it’s dedicating considerable resources to legacy modernisations and digital transformations. Although critical, these efforts are incremental in comparison to the rapid disruption wrought by the meteoric rise of insurtechs, the lasting impacts of COVID-19 on customer expectations, and the emergence of ecosystems as the new economic world order.
Most insurers agree that legacy technology and an incremental approach to innovation are holding the industry back. That’s why life insurers are embracing an innovation strategy called greenfield.