The Future of Insurance

Evaluate your organization’s future readiness with the “Future-Ready Business Benchmark” developed by Economist Impact and supported by Cognizant.

Denmark’s third largest customer-owned life insurance and pension company had a vision to create value for their customers by offering digital solutions that could be accessed anywhere at any time. Over the 24-month implementation, Cognizant successfully migrated over 750 mailboxes, two terabytes of Microsoft OneDrive data, 200 SharePoint sites and 40 key business applications without disruption.

The raft of pressures implied on incumbent insurers – customers’ changing expectations, disruption of the value chain, emerging technologies – calls for the capability to turn data into a strategic asset. That’s exactly what this Nordic insurance organization strived to accomplish as it consolidated its information in a data lake, setting the stage right for utilizing AI and analytics for business purpose.

The data and analytics landscape is changing fast, but if you can’t demonstrate the business value in AI, data and analytics initiatives it can lead to reduced budget and lack of involvement for these initiatives. A key factor is to quickly find out the current state of maturity. With our Rapid assessment framework, you can clarify your status – within a week.

Challenged by disruptive players and ever-increasing customer demands, banking, finance and insurance companies are looking for new ways to quickly adapt. However, an infrastructure full of technical debt is holding back innovation. How can AI and analytics help these big companies break free?

As the transition to a low carbon economy intensifies, in the Nordics and elsewhere, there is an increasingly strong focus on improving sustainability related information and transforming business activities in the financial sector. Some insights from the field.

Internationally renowned futurist and trendwatcher Tony Bosma, also the founder of Extend Limits, has given the insurance sector some serious thought. What trends and developments will shape the future of insurance? And what measures should a company keen to outclass the competitors take?

Moving to more responsive, AI enabled architectures that accelerate data management and deliver insights, will help insurers drive business performance.

The very core of what it means to be a traditional financial services institution is dissolving. While many of the ongoing changes address customer experiences and new technologies, one piece is still missing: operations. A majority of organizations continue to rely on the same old operational model.

How can Nordic companies extend automation initiatives throughout the enterprise to maximize gains? Currently, automation silos between different tech initiatives prevent teams from reaping the synergies and reaching their digital transformation goals. This is exactly what Cognizant Neuro addresses; it sits on top of automation tools, forming a single, intuitive automation fabric.

Norwegian Storebrand Group is a leading player in the Nordic market for long-term savings and insurance. It operates a total of 1.9 million customers in Norway and Sweden. To enhance its overall customer experiences and to optimize processes, Storebrand teamed up with Cognizant – a partnership that continuously evolves.

A Salesforce-based solution is improving this firm’s relationship with independent brokers, by providing a consistent and coherent window into its processes. Both user experience and quality have changed to the better.

Whether it’s migrating the entire core infrastructure to one or more cloud service providers, aka hyperscalers, or just simplifying a handful of processes using Software as a Service (SaaS) tools, the cloud represents the digital future. The pandemic has accelerated the ongoing cloud adoption and during 2021, 51% of Nordic organizations are predicted to reach IDC’s highest level of cloud maturity.

Modernizing the application portfolio is a critical step in any cloud migration. Building agility, reliability and scalability into enterprise software will position organizations to respond more effectively to continuous change. And application modernization efforts don’t need to stop because of Covid-19; they just need to be re-imagined.