Oliver Wyman September 11, 2024
Knowing where and how to cut costs is vital to guide insurers in reallocating resources to digitization initiatives. These five areas are a good starting point.
Digitization is no longer a nice-to-have for health insurers — it is table stakes for any company aiming to remain ahead of the curve in a competitive environment. Although our minds quickly jump to dynamic consumer-facing applications or the siren song of generative artificial intelligence to fuel this change, we believe back-office and administrative functions are where most insurers need to focus their energies. Simply put, the current reliance on legacy technology is untenable.
The core problem is that modernizing the tech stack and automating processes is expensive. On top of this reality, there...
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