The insurance industry is being reimagined through user-focused digital product design, untapped data sets, and evolving machine learning capabilities. These technological advancements will continue to augment, automate, and invent new approaches to underwriting, claims assessment, customer engagement, and distribution.

Like insurance businesses, other financial institutions have been bringing newfound efficiencies to their own organizations and bringing transparency and personalization to their customers and partners. Additionally, emerging technologies, like blockchain, present completely new approaches for the entire financial services paradigm.

With always-on connectivity and data analytics, we can now access an unprecedented, real-time view into a business’ operations and risks. Companies in this space provide a win-win proposition centered around transparency, reducing accidents for businesses, while also mitigating claims for insurers.

No matter the industry, enterprises are all racing to become “digital,” moving from legacy to cloud-native architectures, from waterfall to agile development, and from outsourcing to automation. Successful digital transformations will rely heavily upon innovation of the middle and back offices.