Building a Solid IT Strategy for Insurers

Insurance industry is at a tipping point. Today technologies like Generative AI, Insurance API Standardisation, and Data Mesh are opening new possibilities. But the question remains, are we seizing the right opportunities or betting on the wrong tech just because it’s new? In reality choices any insurer make today will determine whether that company will lead the future or lag behind. Generative AI is more than just a shiny tool. It opens doors that traditional AI couldn't even approach, leveraging external data to automate complex processes like underwriting and claims. But is AI the answer to everything? If your goal is seamless data exchange with business partners, APIs might be the smarter, faster route. Insurance API Standardisation avoids the costly and error-prone process of AI-based data extraction, offering accuracy and speed. Think of it as building a frictionless ecosystem where data flows freely, enhancing both customer service and operational efficiency. And we should also not overlook the risks. With AI, the stakes are high. AI Governance and Cyber Protection are non-negotiable. Newly proposed EU AI Act and rising concerns over data poisoning mean that insurers must balance innovation with compliance and security. A single breach or misuse of AI could destroy the trust that insurance fundamentally relies on. What about the human element? While we race toward AI-driven efficiency, we must ask: are we losing the human touch in an industry built on trust? AI Democratisation offers a way to bring AI closer to the everyday employee, empowering teams across all levels. But without proper training and governance, even the best AI tools can lead to biased decisions, threatening fairness and transparency. Then there’s the Generative AI paradox. It’s powerful, but if we’re just using it to swap data, we might be backing the wrong horse. APIs offer a simpler, more cost-effective solution. Real game is about choosing the right tech for the right job, for example India’s UPI, which revolutionized digital payments in a country where aiming for digital economy was considered over ambitious. Could the insurance industry see similar disruption? Ultimately future of insurance won’t be defined by AI alone but by how we integrate the right technologies : Generative AI, API Standardisation, AI Governance, into a cohesive and ethical framework to build a completely functional ecosystem . And to achieve that insurers would need to answer this critical question : "Are We Backing the Right Horse in the Insurance Tech Race?" Refer attached report for detailed insights. ⬇ #InsuranceFuture #GenerativeAI #APIsInInsurance #AIethics #TechLeadership #InsuranceTransformation #Insurtech #CyberSecurity #LinkedIn

If you fail in insurance, It’s not about the effort. It’s about the wrong strategy. It’s about no structure. It’s about chasing everything and mastering nothing. Success is built step by step. And the steps must be clear. Here are 5 we don’t skip. 1. Lead with data. Guessing loses money. Gut instinct misses patterns. Real success starts with real data. Adopt analytics. Use dashboards. Let numbers guide your decisions. 2. Build relationships that last. Listen first. Serve second. Sell third. Clients want consistency. Clients want care. Clients want someone who actually shows up. 3. Compliance is a strategy. Don’t just meet the rules. Master them. Track everything. Use precision to reduce cost. Use systems to reduce risk. Use knowledge to gain leverage. 4. Operate lean. Automate the repeatable. Streamline the painful. Eliminate the useless. Simple processes move faster. Simple workflows scale easier. Simple systems win more often. 5. Grow your people. Invest in training. Give clear paths. Make leadership a team sport. Growth comes from your team. Growth comes from your structure. Growth comes from your culture. Build with purpose. Execute with clarity. Repeat with discipline. Enjoy this? ♻️ Repost to share with your network and follow me. If you want to learn more about building success in insurance, join 5k+ professionals and sign up for our FREE newsletter. Link in my bio --> Vince DiBenedetto

"We should be thinking about our IT portfolio the same way we think about our 401(k)s, about the way we think about our own personal investments of savings for the future." That analogy from Jennifer Charters, EVP & CIO at Lincoln Financial, seemed remarkably apt. It highlights the perception shift of IT from cost center toward a strategic investment expected to deliver measurable return and long-term value. In our conversation on the latest episode of Technovation, Jen outlines how she's modernizing IT at the $18.5B insurer through: ► A strategic budgeting model separating run and investment spend ► A model-agnostic approach to GenAI integration ► Deep partnership with HR to prepare the workforce for a future with AI agents and citizen developers 🎧 Listen to the full episode: https://lnkd.in/ew-rrcDq #Technovation #CIO #AI #DigitalTransformation #Leadership #Innovation