CASHING IN
The benefits of addressing this early aren ’ t just good for adoption , it ’ s good for gaining buy-in early and for the adaptation that follows . Transformation today can be characterised as being in a continually evolving ecosystem promoting innovation as a working model for the modern insurer .
Clear ambition and vision are always essential , and identifying the people who really want to transform and act as the champions of this change makes this much easier . People typically have one question they need to answer if they want to drive new mindsets , and that ’ s : ‘ What is in it for me ?’ This isn ’ t purely selfish ; it spans job roles , success and company benefits . Having clear objectives and key results ( OKRs ) that ladder clearly towards a clear vision is equally important . Our best clients have metrics that value customer outcomes . These , then ladder into the drivers of these outcomes such as the impact of a claims experience on retention and so on .
When the operational vision is clear and democratised , technology becomes the enabler of its realisation . Then , transformations become a lot easier to explain in every context across the business .
Self-sufficiency is the goal
The insurer ’ s core working model is ideally built on the idea of self-sufficiency , largely driven by high degrees of change to be managed and delivered through configuration . Additionally , even within the insurer , this is about less reliance on IT to make changes . What ’ s also clear is that driving further adaptability in data , analytics , AI and ML are also huge factors , and will continue to be in the future . To drive the effective use of advanced AI and ML capabilities that direct processes , drive customer and employee experience and determine outcomes , you need stable , reliable and secure data platforms . To apply them effectively , you need technology platforms that can manifest the value of these services easily and control outcomes responsibly and reliably .
Transforming the business model to be more adaptable
Ultimately , what ’ s needed in most insurers today is a full-scale transformation , and this is driven on many fronts .
Rory Yates , EIS SVP of Global Strategy
• Data-hungry insurers will need more data from more sources
• The ability to embed into other experiences and remain secure in multiple places
• Risk removal or mitigation means data fluidity and intelligence like never before
• The proliferation of new distribution capacity , and 24 / 7 digitisation on any channel
• Relationship-driven models that sell , service , and adapt insurance propositions quickly and all from one place
• Regulation increasingly requiring better customer care
• Creating the insurer of the future requires simultaneously increasing the need for data , careful data management , and the ability to share it , all while providing greater security
Critically , we see the key technology enablers for adaptation as extensibility , openness , and scalability built around resilient and reliable services . That the value of an API is in your ability to leverage the value of the services the partner behind it can provide . That this data fluidity also drives intelligent outcomes , but you need event-driven and reactive architectures to achieve this .
The use cases for embedded , riskmitigating , connected and intelligent services all need these shifts to work . We work with clients who look at the value and cost of a customer , not a policy . This is critical . Better relationships and revenue can only be driven from a single platform that drives 360-degree knowledge of the customer and the ability to act on that knowledge .
That ’ s why it ’ s a business and a technology transformation . It ’ s not one or the other . It ’ s both . Data , security , scalability and resilience are key to adaptability . As is bringing everybody in the business with you . When you do this , you create an innate ability to adapt fast and take advantage of rapid changes in the competitive landscapes that surround insurers today . � www . intelligentfin . tech
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