Challenges facing the Insurance companies are:
- Insurance customers have complex needs that current technology cannot fully meet. They need more advanced solutions to cater to the sophisticated demands of the clients.
- Competitors' agility is causing insurers to lose business. Thus, speed to market is crucial as both traditional and non-traditional competitors are quickly trying to take advantage and grow their market share.
- To improve product development, adopting an agile approach that doesn't limit the creation of new products to obsolete systems is critical.
Hindrances impeding a clear path:
- IT is not always aligned with business innovation. The business increasingly requires advanced technologies to identify new opportunities.
- Business-IT alignment requires more agile techniques. You must become an active partner with the business in understanding client needs, creating innovative products and services to stay competitive, and being ready to take advantage of new opportunities.
- New skilled workers are needed to implement new technologies. Data scientists, AI specialists, client/user experience experts, and process designers are some of the new roles required to transform insurance products and services.
The Info-Tech Approach:
- You must evolve and mature your core IT capabilities to meet the new demands from the business.
- Align your organizational and AI strategy. CIOs need to understand the growing needs of the business in this new environment.
- Develop your policies after establishing responsible AI principles. Accountability, transparency, data privacy and security, IT governance, and fairness and bias detection of models are at the forefront of your policies and building a roadmap for generative AI.