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Fireside Chat: How Specialty Insurance is Paving the Way for Disruptive Innovation and Customer-Centric Transformation

In a thought-provoking conversation, Kent Black, a Technology Executive and Industry Veteran in Specialty Insurance, and Umakant Narkhede, the Head of Midsized Insurance Segment at Infosys, delve into some of the key challenges and opportunities facing the specialty insurance industry today. They explore how the industry is paving the way for disruptive change and emphasized the importance of speed-to-market and simplicity in the face of significant growth opportunities.

Specialty insurers face unique challenges in adopting digital disruption due to specialized products, fragmented technology landscape, and complex risk analysis resulting from diverse products. The experts discuss prioritized areas for specialty carriers to invest in, where it maximizes value to the organization in the areas of distribution, underwriting, and claims. The discussion covers various digital initiatives, ranging from cloud-native opportunities to modular approaches in modernizing legacy systems, leveraging open API integration capabilities to create hubs and marketplaces, using LCNC platforms, centralizing data and exploring opportunities for straight-through processing using AI and automation.

Watch the entire conversation to gain valuable insights into how specialty insurance carriers can accelerate their digital transformation journey by implementing new ways of working, achieving desired outcomes efficiently, meeting customer expectations, and staying competitive in the insurance industry.

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Part 1: Introduction

In this fireside chat, Umakant Narkhede and Kent Black delve into some of the key challenges and opportunities facing the specialty insurance industry, explore how specialty insurance is paving the way for disruptive change, and offer practical insights for insurance businesses looking to stay ahead of the curve.

Part 2: Challenges and Opportunities

With the competition from new entrants, evolving customer needs, and increasing demand to embrace new technologies, specialty insurers face tough challenges that impact their ability to grow and remain competitive in today’s market. In this part, Kent discusses how specialty insurers can thrive in this competitive market with the right set of strategies and tools.

Part 3: Unlocking Value from Legacy Modernization

In order to stay competitive in the digital landscape, ensure operational efficiency, and meet the needs of their customers, Kent advises that specialty insurers adopt a modular approach when modernizing their legacy systems.

Part 4: Prioritizing Innovation and Operational Excellence

In this part, Kent emphasizes the significance of utilizing innovative technologies to simplify processes and highlight the core values that set specialty insurance carriers apart in the market.

Part 5: Managing the Claims Transformation Complexity

Specialty insurance carriers face significant challenges when it comes to managing claims transformation. In this part, learn how by leveraging the power of data, they can streamline processes, gain insights into customer behavior, and make better-informed decisions.

Part 6: AI and Automation for Speed and Productivity

In this part, Kent provides valuable insights and practical tips on how AI and automation capabilities can enhance straight-through processing and increase productivity across the value chain of specialty insurance business.

Part 7: Concluding Thoughts

Kent and Umakant wrap up their fireside chat on the future of specialty insurance. Key takeaways include initiatives enabling speed-to-market for various distribution channels and products, modularized approach to legacy systems, centralizing data, managing claims transformation, and leveraging AI and automation for increased productivity. Stay ahead of the curve with these valuable insights.