How many digitally transforming insurers are tied by the inflexibility of even cloud-based digital claims platforms?
The linked MIT Sloane article emphasises the critical need to be able to implement change on the fly. Without having to rely on a technology partner's consultants and developers.
If you add to add a new insurance workflow, whether claims or supply chain, could you do that in-house and within a day or two at no extra cost? e.g. : -
- Digitise that analogue travel insurance claim form?
- Implement a major manufacturer's product recall programme that's just breaking?
- Add hundreds of temporary claims staff as a result of Hurricanes or other CAT events?
Go on- ask yourself before the C-Suite ask you why not.
The Digital Insurance Platform that can do these and more should be the benchmark.
They just pilot and adopt — often before they have a clear idea of the business problem they’re trying to solve. Once, this launch-first mentality would have been considered heresy. Yet it has become the norm, driven by the accelerating pace of technology change, the fear of losing market share to disruptive new players, and the ease with which new technologies can be implemented through cloud-based delivery. This is a challenging environment, particularly for tradition-bound organizations. But it’s the new reality and CIOs must adapt, or they risk permanently falling behind the competition.
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