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April 20, 2024

When Tech Nightmares Become Reality: Why Insurers Can't Afford to Wait

Remember the 2021 cyberattack on CNA Financial, one of the US's largest insurers? Operations froze for days, leaving clients in the dark. Or perhaps you recall the 2017 Equifax data breach – outdated software compromised the sensitive data of millions. Sadly, these high-profile incidents aren't unique.

The insurance industry might have a long history, but its customers don't care about history books. They're tech-savvy individuals who expect instant quotes, personalized policies, and real-time claim updates. The old ways of doing business – clunky interfaces, drawn-out approvals, and outdated tech stacks – are a recipe for disaster (or at least, some serious customer churn).

European Mishap: The TSB Meltdown

In 2018, a botched IT upgrade at the British bank TSB caused a week-long shutdown of online banking services. Customers were locked out of accounts, payments failed, and chaos ensued. The financial and reputational damage was immense. While not a traditional insurance firm, this incident highlights the severe consequences when technology transformations go awry, especially within the highly regulated financial services sector.

Talent: The Industry's Biggest Hurdle

Tech transformation isn't just about software – it's about people. Finding talent with the right mix of technical and insurance expertise is a major bottleneck worldwide. But the insurance industry faces an even steeper challenge:

  • Outdated perceptions: Insurance is often seen as slow-moving, resistant to change – not a sector that attracts top tech talent.
  • Skills mismatch: Traditional insurance roles don't always translate to the needs of modern tech-driven operations, creating a major skills gap.
  • Competition: Insurance companies compete for tech talent with cutting-edge industries, often struggling to match the pace and excitement offered elsewhere.

So, what's a forward-thinking insurer to do?

  1. Don't be afraid to invest in transformation. Legacy IT systems aren't just inefficient, they limit agility, expose you to cyber risks, and make attracting the best talent even harder.
  2. Choose partners with the best minds. Finding the right tech vendor means finding a team as obsessed with the power of tech and the nuances of insurance as you are.

Beakwise: Your Partner in Holistic Transformation

At Beakwise, we don't just tackle technology hurdles. We're not just about selling point solutions, but about holistic, comprehensive, and total transformation. We've assembled the best and brightest – people with deep technical expertise and a profound understanding of the insurance industry's unique challenges. We partner with insurers from the Middle East to Africa, understanding the intricacies of each region's regulatory landscape and technological infrastructure.

Our Commitment to Perfection

We believe in continuous improvement, always striving to fine-tune our solutions and streamline processes. We don't settle for "good enough" – our team is obsessed with reaching perfection for your business. Here's what sets us apart:

  • Deep industry expertise: We have a proven track record of working with insurers across the globe, understanding their challenges and unlocking growth opportunities within the insurance sector.
  • Data-driven approach: We leverage data analytics to cut through the noise. We identify inefficiencies, optimize processes, and deliver actionable insights.
  • Future-proof solutions: Our technology stack is built with scalability and security in mind. We ensure you stay ahead of the curve with cutting-edge technologies that evolve alongside your business.

Ready to ditch the dinosaurs and join the revolution?

Drop a comment, send us a DM, reach out at or check out our website at Let's build a better, more responsive future for insurance – before another major tech mishap makes headlines.

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