Five Practices You Can Implement to Accelerate Digital Transformation in Your Insurance Company
In the underwriting world as well as in any line of business, you may already have some of the core ingredients you need to digitally transform. Any one or more of the issues below can be company-specific issues such as resistance to change, lack of ability to prioritize projects, or simply too many siloes are likely holding you back. While different approaches fit specific organizational needs and appetites, our own work with insurers in commercial underwriting and beyond typically include these elements to succeed:
• Adopt a decision-first approach: Align your decision strategies first and then add data and analytics.
• Improve your agility by optimizing resources: Empower business experts to rapidly modify, simulate, and measure decisions – without getting stuck in the IT queue.
• Automate high-volume operational decisions quickly and effectively: Highly repeatable, “need for speed” decisions can be automated, and encompass any combination of data, analytics and other decision assets.
• Collaborate to operationalize and institutionalize your decision strategies: Decision-first collaboration goes beyond “breaking silos” – it enables business analysts, policy managers to work closely to harmonize and simulate strategies, reuse decision assets, and drive measurable value across the enterprise.
• (Carefully) consider a Cloud-based platform as a digitization accelerator: IT is being inundated with requests to do more, even as data, analytic, and decision systems proliferate. Adopting a Cloud-based strategy is on the shopping list, and a platform-centric approach can help.