The latest EIOPA Consumer Trends Report made it clear: policyholders no longer tolerate slow, rigid processes. They expect real-time services, seamless digital experiences, and insurance that adapts to them, not the other way around.
But there’s more. Accessibility matters. Insurance should be clear, inclusive, and easy to understand for everyone. From digital natives to those less familiar with technology, the industry must remove barriers and create truly customer-centric experiences across any touchpoint.
And this is where AI can make a difference. By enhancing automation, simplifying interactions, and offering data-driven personalization, AI has the potential to bridge the gap between complexity and accessibility.
At a recent Italian Insurtech Association event, AI was indeed the hot topic. Why? Because it’s already transforming insurance over all the insurance value-chain. To name a few:
• Customer interactions – Virtual assistants and predictive analytics make insurance more intuitive.
• Fraud detection – Advanced algorithms spot anomalies faster than any human team.
• Claims processing – AI-powered automation can cut processing times from weeks to hours
So why isn’t every insurer already on board?
The roadblock isn’t just AI itself. It’s the same challenge that slows down any IT innovation in insurance. As highlighted in Celent’s analysis on IT dimensions, insurers struggle with:
• Legacy systems – Outdated architectures make integration complex and costly.
• Budget constraints – IT modernization requires long-term commitment and vision, not just quick fixes.
• Tech skill gaps – Digital transformation needs the right expertise, and the talent shortage is real.
Artificial Intelligence is no exception and, also, AI alone isn’t a magic wand. If it’s not fully integrated into core processes, and therefore in core insurance platforms, it remains just another side project with limited impact.
The smart move? AI where it matters.
Insurers leading the game are choosing policy administration systems with directly embedded AI functionalities, not as an add-on, but as a core enabler of automation, decision-making, and customer experience.
And beyond AI, having the right digital infrastructure is key. A well-designed policy administration platform not only ensures modern, advanced process management across all the value chain and compliance with regulatory requirements, but also allows insurers to elevate customer experience, adapting their offering to different distribution channels, enhancing both accessibility and personalization.
What’s Next? Let’s Talk.
The insurance industry is facing a pivotal moment. Adapting isn’t optional. It’s the key to staying ahead of the curve. But success in digital transformation requires more than just adopting new technologies. It demands close collaboration between insurers and their technology partners. By aligning business strategies with the right enabling technologies, like ours, we can ensure that the full potential of digital transformation is realized.
Is your company approaching these challenges? Let’s connect and explore how we can drive meaningful change together!
