InsureTech Connect Workday, Inc. a leader in enterprise cloud applications for finance and human resources, today announced continued momentum within the insurance industry, as organizations including American Financial Group, AssuredPartners, Farmers Mutual of Nebraska, Penn Mutual, Reliance Matrix, Resolution Life, and Telesure Group Services are using or have selected Workday to drive agility and keep pace with an evolving industry.
The company also announced that the Workday Industry Accelerator for Insurance — an industry-first approach to how Workday and its partner ecosystem drive more value for customers — now includes the deep industry experience of Deloitte (InsureAcceleration Solution), KPMG, and PwC.
Accelerating Insurance Industry Transformation
According to an IDC infographic*, 70% of insurance organizations either expressed pessimism about insurance market prospects or feel unprepared for potential disruption. Amid shifting regulations, evolving workforce demands, and volatility of external events impacting claims payouts, it is crucial that organizations leverage technology including AI and ML to adapt and better anticipate the complex realities of an ever-evolving, unpredictable industry. The Industry Accelerator for Insurance will help organizations accelerate their cloud transformations, scale with open ecosystems, and collaborate to drive innovation.
said Shera Chase, vice president of total rewards and HR operations, Reliance Matrix.
For the insurance industry, new technology is critical to eliminate data silos created by multiple legacy systems that are difficult to use and manage. With Workday, we were able to move our operations and data to the cloud, which provides us with a real time view of our business. With this access to data and more streamlined processes, rather than simply reacting to risks, we're able to make more strategic decisions quickly that can save countless hours, boost productivity, and help prevent loss.
[Source: PR Newswire]
Delivering Insights Across the Insurance Enterprise
To keep pace with the evolving industry landscape, Workday is helping organizations move beyond legacy ERP systems to the cloud. With Workday, insurance customers can break down data silos to unify data from across the enterprise for deeper business insights. Users can combine data from operational solutions, including claims, policy and actuarial systems, with internal financial and workforce data for a unified system of insight to drive decision making. With a composable architecture, Workday enables customers to interoperate with existing technology ecosystems and extend solutions with low or no code technology, all while maintaining the same level of security.
Organizations also gain real-time visibility across workforce, skills, and labor spend. Workday Skills Cloud with ML at the core helps organizations understand the skills and capabilities of their entire workforce, enabling them to quickly align people resources to critical needs. In addition, AI and ML embedded into the Workday platform drives efficiency, helping insurance organizations deliver more engaging employee experiences to better attract, hire, and retain talent.
"The insurance industry is facing major challenges due to changing customer and market expectations, new sources of competition, external factors like climate change and cyber-security, and the evolving regulatory landscape," said Jay Rabinowitz, vice president, head of financial services, Workday. "With Workday, organizations can leverage technology to create agility and be better prepared for an uncertain future where things can change quickly."