Are you future ready?
It’s hard to transform – even if the prize is clear. Based on our research, insurers must mature along three dimensions to deliver transformation benefits:
Wrapping this up in intelligent technology and process, including AI, machine learning and data science, is the final element of a future ready insurer. Such insurers can not only adapt quickly to disruption, they can lead, forcing competitors to adapt to them.
Towergate, one of Europe’s largest independently owned insurance brokers, had historically focused on acquisitive growth, but as more companies joined, its IT mushroomed to hundreds of different systems, applications and processes. Avanade, Accenture and Microsoft embarked on one of the most comprehensive IT reboots and ambitious cloud migration efforts the financial services industry had ever seen. With the right tools and the right team, the transformation took just 12 months and annually generates 30% cost savings from the IT base.
Adrian Brown, COO, remarked: “I thought it would take two years. I almost fell off my chair when they said one year.”
Are you future ready? Here are four questions to ask yourself now:
- Is leadership on board – or delegating digital change to a project or person?
- Are you ready to innovate with third parties – or still obsessed with control?
- Are you driving efficiency through automation and analytics – or struggling to integrate it?
- Are your people enabled to deliver great CX – or just taken for granted?