If you have a legacy system with customized capabilities and valuable features but nearing end of life, refactoring the system is a potential choice for modernization. Insurance platform modernization usually involves one-to-one code migration, which can often be more costly and time consuming than expected and typically tends to miss some of the integration and data architecture modernization that is foundational for getting the full value of digitization.

Today’s AI may be able to pass the Turing test, but I think we can all agree that doesn’t make it human. AI is a tool—a powerful one, but a tool nonetheless. And just like any tool, it can make our work easier, but it can’t do it for us.

What is hyperautomation for insurance? It might sound like just another buzzword, but let’s peel back the layers to see how hyperautomation works. Imagine this: you go on a deep dive to evaluate your insurance company’s processes and operational models. You discover inefficiencies, lag times, and that your team manages transactions with disparate, often manual processes. It’s clear you need a new solution. And the solution you need doesn’t currently exist.

With the explosion of artificial intelligence (AI), innovative companies are harnessing enterprise AI at scale for a variety of business use cases, including repetitive task automation, product and service development, supply chain management, customer service operations, decision-making systems, and more.

In many state and local government organizations, contract management is a manual process that is often cumbersome to oversee. Employees often feel overwhelmed trying to track deliverables and payments and ensure compliance. Manual contract management leads to delays and inefficiencies in procurement processes, resulting in missed opportunities to identify and acquire the right products or services at the best possible cost, which wastes taxpayer dollars.

Organizations are increasingly turning to business process management (BPM) to boost efficiency and meet aggressive business goals. BPM is a discipline and set of practices that enable organizations to optimize processes for greater efficiency, effectiveness, and business agility. Organizations buy commercial-off-the-shelf (COTS) BPM to facilitate this process. Data and software integration can be time- and resource-intensive with COTS BPM software.

In today's hyperconnected world, where negative reviews on social media can wreak havoc on a company’s reputation, delivering an exceptional customer experience isn't just a luxury—it's a business imperative. Companies are locked in a fierce battle for customers that is primarily based on their ability to deliver outstanding customer experiences (CX). According to research by The Conference Board, 65% of CEOs globally prioritize investing in strategies to improve CX.

Business process management solutions often tout their analysis and optimization capabilities, but few provide the full set of tools needed to build a process, measure its performance, and identify and implement improvements. And when you’re looking for information on how to optimize a process, it’s easy to quickly get lost in the information-overload about the best methodologies and tools. That’s likely because the answer to process improvement isn’t straightforward.

Intelligent automation happens when robotic process automation (RPA) meets artificial intelligence (AI), bringing simple actions and cognitive tasks together for lightning-fast processing. Intelligent automation in insurance is a powerful tool that reduces both human error and the need to perform repetitive tasks manually. Imagine AI extracting data from an invoice then a bot entering that data into a software program.

In the life sciences industry, where breakthroughs in research and healthcare are fueled by data, data silos can be a big problem. Data silos might be caused by things like legacy systems, departmental divisions, disparate data formats, or lack of interoperability standards. Data silos can manifest at any point in the product lifecycle and make it hard for the right people to access and use the information they need, when they need it.