Digital transformation with less implementation risk
Digital investment is on the agenda – but there are problems
Most executives in the insurance industry have some sort of digital transformation agenda. Most are aware that customer needs and expectations are changing and are aware of the potential opportunities and threats posed by the possibilities of new technology and the insurtech agenda. As a result, most understand the very real imperative to change.
However, the evolving history of corporate digital transformations is problematic. While there have been notable successes, many firms attempting what they see as the need for fundamental transformation have run into difficulties. Outside of the insurance world, the likes of GE, P&G, Ford and Lego have pioneered huge investments in digital – with grand aims of fundamental transformation – but have needed to retrench, with the CEOs leading the charge now either departed or in lesser roles.
In the insurance world, many organisations are also grappling with the problem of how to digitally transform. Years of technical debt and legacy policy administration systems have caused challenges with the scale of the IT investment needed. Many firms have built digital functions (or even digital garages) and insurtech, but have struggled to unlock the value of these in their wider organisations or distribution channels.
All of this challenges the sustainability of the investment required, and the probability of eventual success.
Think differently to stay competitive
Microservices – breaking down millions of lines of code into small bits of atomised functionality – provides a terrific opportunity for insurance organisations to change the way they approach digital. The technologies involved allow far more rapid time to market for new products and channels, in turn allowing more rapid realisation of benefits. They also enable a different approach to transformation, with much less implementation risk. Indeed, the potentially game-changing nature of this technology means that those who do not take advantage are at risk of losing out to those that do.
Join us to find out more
At a breakfast seminar on 16th May, we are collaborating with eBaoTech Corporation and Celent to give both an overview of the possibilities of microservices, and the approach organisations should use to take maximum advantage. Please let either eBaoTech (firstname.lastname@example.org) or me (email@example.com) know if you’d like to join us.