Are you an insurer, broker, or adjuster? Is your IT more 'Spaghetti Western' than a seamless river of digital omnipotence?
The reality is that CIO's actually know that leaving the IT legacy behind and moving into new areas of Insurtech can save money and reduce risk. CEOs also know that it is a game changer in terms of increasing revenue, reducing attrition, and reducing costs - i.e. improvements to the bottom line.
The argument of "on-premise" vs "Cloud" has already shown cost savings. Companies such as Microsoft invest heavily in security, creating the standard for dealing with Cybercrime and Data Protection. This supports Data Regulation changes such as GDPR, which in turn can reduce both cost and risk in the longer term.
So if "C-Suite" is keen to make IT happen, what do insurance companies need to do to achieve successful modernisation?
First, identify systems for rationalisation and consolidation of IT assets. Next, look to roll out new platform(s) as required on Service Orientated Architecture.
Digital transformation is a specialism and therefore will need to be addressed. Choosing the right strategic partner can enable the right outcome.