Real-time interactions are the gold standard for today’s digital-enabled consumer experience. Yet retail banking and insurance firms are struggling to keep up with these high demands because their traditional IT infrastructures hold them back from making progress in incorporating digital technologies and competing against new disruptors.
Much has been written about the impact of technology on insurance, this most traditional of industries. Artificial intelligence (AI), connected cars, drones and the Internet of Things (IoT) are all becoming integral to the insurance and automotive industries.
It seems as if the world is living in the kind of “interesting times” promised by the infamous Chinese saying. Take Asia-Pacific for example, where a season of uncommonly powerful and destructive storms, like the monster Typhoon Hato that caused Hong Kong to grind to a halt; and Hurricane Harvey in the United States just a few months ago, have cost countries billions in damages and exacted a sad toll in human lives.