“The costs that are accumulating amid the increase in weather events basically adds to an already difficult challenge that all insurers are facing, and that is meeting customer expectations,” said Ben Kosic (pictured), partner of the Canadian insurance practice at Capco, a global technology and management consultancy specializing in driving digital transformation in the financial services industry.
“I almost hate to be a CIO in the industry these days as they’re in one of the arguably more complex roles,” Kosic admitted. “They have aging legacy environments that in some cases need to be redeveloped to take advantage of insurtech and claims processing capabilities. The funding for such things is difficult and costly to obtain.”
Read more: $218 billion at risk from poor claims experiences – report
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