Interview with Best’s Review: Tech Transformation Drives Insurance Innovation · AM Best Audio · Radar

Modernization Investment Priorities0:54 – 3:10

0:54

So Shai, as L&A technology continues to advance at an unprecedented pace, where should executives be focusing on modernization investment now versus deferring for later?

1:08

Right.

1:09

So let's first of all, for years, you know, modernization was mostly about replacing aging technology.

1:16

But today, nowadays, it's bigger than that, right? It's really modernization is the foundation of what I would say at least four main things like enabling AI, of course, Faster innovation, so shorter path from idea to market.

1:33

Stronger distribution, definitely very important in the L&A industry.

1:38

Simple digital advisor experience, all those type of things.

1:42

And then of course, better customer experience.

1:44

So modernization is really much more than to modernize technology.

1:50

Now, the real challenge isn't choosing the right investment, right? The real challenge, I think, is to choosing the right sequence.

1:59

With that, if I had to prioritize modernization investment today, I probably would focus on two areas, new business capabilities and core administration platform.

2:13

Why new business? Because it's the immediate opportunity, right? Advisor, customer expect simple digital journey from quoting illustration to underwriting issuance.

2:23

Everything must be delivered faster with value to support the business growth.

2:29

Why core administration platform? It's because this is the foundation.

2:33

Now, it takes years.

2:35

Don't be misled.

2:36

It's not going to take a month.

2:38

If you haven't started the journey, start planning today.

2:41

Most of you, most of our carriers, most of our clients are already on the process, but it takes time.

2:47

And this is what eventually will enable agility, efficiency, and trusted data.

2:52

And trusted data ultimately makes AI possible.

2:57

So this is why you have to actually look at this from these two kinds of things.

3:00

As I said, Choosing the right sequence is what's really going to differentiate the winner and the one that will advance more than just choosing what is the right investment.

Modernization Investment Priorities0:54 – 3:10

0:54

So Shai, as L&A technology continues to advance at an unprecedented pace, where should executives be focusing on modernization investment now versus deferring for later?

1:08

Right.

1:09

So let's first of all, for years, you know, modernization was mostly about replacing aging technology.

1:16

But today, nowadays, it's bigger than that, right? It's really modernization is the foundation of what I would say at least four main things like enabling AI, of course, Faster innovation, so shorter path from idea to market.

1:33

Stronger distribution, definitely very important in the L&A industry.

1:38

Simple digital advisor experience, all those type of things.

1:42

And then of course, better customer experience.

1:44

So modernization is really much more than to modernize technology.

1:50

Now, the real challenge isn't choosing the right investment, right? The real challenge, I think, is to choosing the right sequence.

1:59

With that, if I had to prioritize modernization investment today, I probably would focus on two areas, new business capabilities and core administration platform.

2:13

Why new business? Because it's the immediate opportunity, right? Advisor, customer expect simple digital journey from quoting illustration to underwriting issuance.

2:23

Everything must be delivered faster with value to support the business growth.

2:29

Why core administration platform? It's because this is the foundation.

2:33

Now, it takes years.

2:35

Don't be misled.

2:36

It's not going to take a month.

2:38

If you haven't started the journey, start planning today.

2:41

Most of you, most of our carriers, most of our clients are already on the process, but it takes time.

2:47

And this is what eventually will enable agility, efficiency, and trusted data.

2:52

And trusted data ultimately makes AI possible.

2:57

So this is why you have to actually look at this from these two kinds of things.

3:00

As I said, Choosing the right sequence is what's really going to differentiate the winner and the one that will advance more than just choosing what is the right investment.