Digital transformation doesn't have to start at the inception of a business. With the use of real-time analytics and agile product design, new distribution channels can be leveraged, and customers can easily see and consume your product. With these areas covered, any business can go from digital laggard to digital leader.
Insurance is an industry particularly ripe for digital transformation, and using core platforms which enable all of these success factors can have a huge impact on innovative product design, access to new markets and revenue opportunity.
Having an open architecture and a solution which encourages business enablement in terms of product design and operational workflow, whilst also having the capability to easily interface with key systems for data enrichment, reporting, CRM, and provide real-time analytics, is key to a successful digital transformation.
Whilst most insurers dwell on system consolidation/rationalisation it's clear that a successful digital transformation can be less painful by focusing on what really matters; agile product development, digital channels, real-time analytics.
Can it really be this difficult?
Digital operations are built around four pillars. The first is customer interaction and relationship management, which leverages new and extensive data and analytics platforms to shape relationships and target opportunities. The second is manufacturing, product, and service delivery, which manages internal operations as well as the increasingly crucial and extended ecosystem of partners and external contributors. The third is product creation and delivery, which combines a tailored mix of engineering, product management, data sciences, traditional engineering ops, design, and economics resources. The fourth is human capital management, which focuses on recruiting, developing, and enabling information workers, providing the processes and systems to empower them with the tools required to connect and remain productive.