Insurers as a group tend to be conservative with any approach to change, but the digital revolution is here ñ and insurance companies are moving into transformation mode.
That was the message delivered at our Tech Trends session at Appian World 17 earlier this month in San Francisco. The session focused on how technology trends are impacting insurers. We began at the top of the funnel ñ with megatrends affecting the insurance industry ñ and then took a deep dive into Robotic Process Automation (RPA).
THE INSURANCE TECH UNIVERSE
Deb Smallwood, the founder of one of the leading analyst firms in the insurance space, Strategy Meets Action (SMA), started the conversation, leading us through some of SMA's latest research. She started with an overview of the Tech Universe ñ which is what SMA views as the convergence of InsureTech and MatureTech, and how they fit into the insurer landscape.
To provide a bit more context, Deb explained each in a bit more detail, showing how digital transformation is enabled by emerging technologies, but also keeping in perspective how the foundation of an agile digital platform can provide a great launchpad for emerging ones.
Appian's technology fits into this paradigm perfectly, helping carriers with their digital transformation by enabling them to extend the reach of their mature legacy systems with a modern, low-code platform that leverages the power of BPM.
The conversation then moved on to some more specific tech trends that SMA is following and their impact on operating models, including Low-Code, one of the most dynamic and transformative trends, as well as Artificial Intelligence (AI), and RPA.
BEING DIGITAL
The broader overview was a great lead in for Margaux Vourvoulias, a Sales Director with Blue Prism, to talk in more detail about the role RPA has in the move to 100% digital. Blue Prism is one of the newest Appian partners and Margaux was able to speak directly to how the integration between our two technologies works and how we have already been able to help insurance companies with their digital transformation.
The combination of Blue Prism and Appian technologies can bridge the gap across business and IT and allow for rapid transformation though the automation of processes. In insurance, for example, RPA and the Appian Digital Transformation Platform can help with channel enablement, improving and innovating back office processes, claims processing and smoothing data migrations. The ROI is significant with respect to reducing costs, improving processes and customer satisfaction.
Technology is changing insurance ñ and the pace of change is getting faster every day.
Appian is focused on helping insurers adapt to the new digital world and take their companies to the next level. Bringing industry thought leaders to Appian World 2017 is just one way that Appian helps our customers understand technology and how current and future trends can fit into their business strategies.
I'm already thinking about what's ahead for the insurance sector and look forward to engaging with my insurance colleagues throughout the year!
Eileen Potter
