Across the insurance industry, legacy systems are the gateway to unlocking data from the entire value chain. Addressing deeply embedded technology challenges is critical for insurers to reap the potential benefits of digital forces.
IT departments must take practical steps to create transparency and rebuild credibility with leadership by improving, measuring and reporting on service delivery and quality. This means refocusing on their core capabilities and becoming a business enabler. Rebuilding skills and expertise, reassert consistent methodologies, define and mandate standard processes and demonstrate service and financial transparency to internal clients and suppliers.
Some organizations may need to bring about more radical, transformational change. CIOs will move the IT group from a tactical to strategic function, in part by helping the business articulate their strategy and then developing an IT roadmap to support it.
The insurance industry is at an inflexion point. The digital revolution is transforming the way insurers, reinsurers and brokers do business.