The Future of Insurance Storyboard

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Your Challenges

  • You need to choose a strategic path. Your customers want new products, services, and experiences to meet their evolving needs.
  • Don’t fall behind with new technology adoption. Next-generation customer service is defined by new technologies such as predictive analysis modeling, artificial intelligence, machine learning (ML), and the Internet of Things (IoT).
  • Larger firms have the scale to invest in advanced technologies. Asset size drives revenues, which influence IT budgets. IoT is driving competitive growth and you need to keep up.
  • Select the right path from diverging paths.

Obstacles

  • IT alignment with business innovation should be a top priority. 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, client/user experience experts, and process designers are some of the new roles required to transform insurance products and services. Talent acquisition, upskilling, cross-training, and retention are essential to succeed.

Info-Tech's Approach

  • You must evolve and mature your core IT capabilities to meet the new demands from the business. Put governance in place to ensure that IT understands business priorities. Reconsider your IT operating model to maximize resources.
  • Adopt agile business alignment approaches that are data centric, improve communication, and enable IT to meet business goals.
  • Mature your data practices to enable predictive modeling, IoT, AI, ML, and blockchain technologies.
  • Align to the business needs to solve customer issues. CIOs need to understand the growing needs of the business in this new environment.

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