Benchmark your digital transformation progress against industry leaders. As is often the case, core systems are seen as a major inhibitor to progress.
Insurers throughout the world are often fighting with technology that was designed for those days that when small projects took months t deploy and major transformation could takes years. Insurers need to turn that on its head.
See "McKinsey’s Three Horizons Model Defined Innovation for Years. Here’s Why It No Longer Applies."
Even some modern leviathan cloud platforms fall into this category. Paul Stanley CEO of 360Globalnet wrote of "Fighting Digital Disruption with Maginot Line Technologies" recently. Well worth a read of your digital transformation projects are: -
- Taking too long
- Costing too much
- Reliant on vendor dev & consulting services
- Tackling just parts of the insurance value chain
Time to change and win in the digital economy
The impact on IT systems, organization, and partners There’s no question that legacy IT systems are too slow and rigid for digital business. As companies modernize their IT infrastructure, they are looking to gain flexibility, scalability, and—above all—speed. Combined with an outside-in approach to business, this increasingly means cloud and an API/services-based infrastructure. Coca-Cola FEMSA has been transforming its architecture and platforms along with its business processes, using more cloud and tying together end-to-end services while ensuring stability, scalability, and speed. “We’re becoming an online company,” said Calva. “We have to be able to support our businesses through digital.” This includes a greater reliance on data and analytics, and of course, enforcing security. “The integration layer is critical,” he said. “We’re building the right platform to integrate cloud and on-premises systems and handle a lot of transactions.”
http://www.dxc.technology/innovation/insights/143902-winning_through_change_in_the_digital_economy
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