Property and casualty, life and annuity,
and reinsurance companies can position
themselves to succeed in their digital
business strategies by focusing on the fol-
lowing common elements:
•;Cloud. Embrace it. Cloud computing
provides organizations with platform
agility and sourcing flexibility that over
time will increase competitive advan-
tage. Convenient, on-demand network
access to shared pools of computing
resources save money while improving
flexibility with “pay-as-you-go” or “as-
a-service” offerings.
• Mobile. Today’s customer is always
on-the-go, but expects all of their
personal information, such as policy
details, at their fingertips. Mobile engagement provides a rich user experience and better service to customers,
while extending the scale and reach of
a company’s products and services, regardless of the customer’s device preference.
•;Data. This is the fuel powering the new
digital era. Implementing a business-driven master data management and
analytics strategy to optimize insights
will improve business performance
and help gain an edge on competitors.
Data management also enables carriers
to incorporate new sources of external
data to selectively absorb and draw
insight from new digital technologies,
such as wearables and telematics.
• Security. An essential component to
implementing any digital business
strategy. Insurers must proactively
protect their enterprise from global
asymmetrical threats. Understanding
the changing nature of threats and applying in-house and managed services
to combat them is an essential step to
mitigating potential risk and fallout.
Digital business is an approach, not
a solution in and of itself, and each
company’s strategy and resulting solu-
tions will be unique. However, these
common digital business elements will
establish a foundation for greater cus-
tomer centricity, improved agility, and
increased flexibility. Insurance organi-
zations that cultivate these attributes
will realize a measurable, sustained im-
pact on their business performance and
speed to market.
The digitalization process may seem
daunting — migrating legacy systems to
the cloud, optimizing data centers and
meeting increasingly diverse client needs
— all without the slightest hint of a disrup-
tion in daily operations. Becoming a digital
business is a big change, but by changing
business processes, not overall business
models, it can be a seamless transition that
is worth the effort and investment.
Like it or not, the new digital era is
upon us. So explore the possibilities and
embrace the change that will help elevate
your business.
Mike Sarantopoulos is senior vice president
of insurance for NTT DATA, a leading global
IT services provider, with more than 20 years
of IT and business domain experience.
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