Agile digitalisation of the insurance processes There has been much talk about digitalisation in insurance companies, particularly focused on business processes as underwriting or claim management. But how easy is the digitalisation process? And yet, is permanent and agile evolution of the digitalisation possible?

After World War 2, the social security system expanded significantly. In 1962, the Caixa Nacional de Pensões (National Pension Fund) was established, and in 1972, there was a pension reform that unified various social protection regimes. Between 1980 and 1990, the first funds created by large companies and financial institutions began to emerge. Currently, due to population aging and high pressure on public finances, there is a trend toward adjusting retirement age and benefit amounts. Pension funds, in terms of contributions from both companies and individuals, are a good investment solution to prepare for a more stable financial future.

The democratisation of ChatGPT has boosted the use of artificial intelligence (AI), leading companies from different industries through new paths and making them rethink their operations. While we prepare to explore this unknown path, we are aware of the challenges that lie ahead, but also excited about the possibilities and opportunities that may arise.

The insurance market is a highly regulated and supervised industry. Legal, standard, and regulatory changes, such as IFRS, GDPR, DMIS, SAF-T, among others, have become more frequent and complex. Cleva needs to pay close attention to these requirements, both in their identification and interpretation, as well as regarding the solutions provided to clients.

In a world of constant technological evolution, insurers face the challenge of keeping up to date to meet the increasingly specific needs of their clients and remain competitive. This updating is based on several pillars, one of the main ones being the architecture of computer systems, which can either favour or hinder technological transformation. In this article we explore how the modernisation of this architecture can create opportunities for innovation and efficiency within insurance companies, while identifying some of the challenges related with legacy systems.