When planning a digital initiative, it’s critical to understand where your company stands today and how it can get to where it needs to go. A new framework lets insurers assess their digital maturity, identify how best to move ahead, and gain insight into the practices of industry digital leaders to guide their own efforts.
Navigating Through Post-Merger Integration of CRM Systems: A Salesforce Persp...Cognizant
To execute a successful post-merger integration of customer relationship management (CRM) system Saleforce.com (SFDC), organizations must understand and address specific critical considerations. These include IT asset consolidation, unifying and streamlining the post-merger architecture and organizational structure, change management execution, data migration processes, and regulation and compliance requirements.
Digitizing Insurance - Transforming Legacy Systems to Adopt Modern and Emergi...RapidValue
This paper explains how insurers can use the digitization (digitalization) opportunity to deliver greater value to their customers. It is also, revealed how the companies can gain competitive advantage. Insurers are able to engage more intensely with the existing customers and also, attract newer customers with the help of innovative products. Digitizing improves profitability and facilitates growth.
Building a Code Halo Economy for InsuranceCognizant
By finding meaning in the digital data that accumulates around people, processes, organizations and things, insurers can simultaneously reinvent how they operate and reshape their customers' experience.
Equipping IT to Deliver Faster, More Flexible Service ManagementCognizant
IT must apply new strategies and tools to the service management function, in order to address fundamental changes in how end-users consume technology and services. Here's how IT can increase service delivery speeds and user satisfaction, while delivering greater business value.
Property & Casualty Commercial Lines Underwriting: The New PlaybookCognizant
P&C commercial lines carriers are experiencing a global transformation that will compel them to reexamine their operating models, implement direct-to-consumer strategies, reengineer their processes and technologies, and achieve and sustain profitable growth in the age of digital.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
- Forrester evaluated 18 leading CRM suite solutions against over 500 criteria to assess their suitability for large organizations. The solutions were grouped into leaders, strong performers, and a single contender.
- Oracle Siebel and SAP were found to still offer the most complete solutions for large enterprises, though other leaders like Salesforce.com and Microsoft are gaining ground with more flexible, quicker to implement solutions.
- While the leaders are challenged by strong performers like Oracle E-Business Suite and PeopleSoft CRM suited for ERP customers, as well as BPM-focused solutions from Chordiant, Pegasystems and Sword Ciboodle, the crowded market provides many choices for buyers to consider.
Insurance rating software is defined as an integrated software to handle the needs of insurers of all sizes. It is used to calculate the premium associated with a policy or other transactions. It stores the rating rules and algorithms, the base rates and associated factors, and the rules necessary to combine the rates and algorithms to calculate a premium.
Navigating Through Post-Merger Integration of CRM Systems: A Salesforce Persp...Cognizant
To execute a successful post-merger integration of customer relationship management (CRM) system Saleforce.com (SFDC), organizations must understand and address specific critical considerations. These include IT asset consolidation, unifying and streamlining the post-merger architecture and organizational structure, change management execution, data migration processes, and regulation and compliance requirements.
Digitizing Insurance - Transforming Legacy Systems to Adopt Modern and Emergi...RapidValue
This paper explains how insurers can use the digitization (digitalization) opportunity to deliver greater value to their customers. It is also, revealed how the companies can gain competitive advantage. Insurers are able to engage more intensely with the existing customers and also, attract newer customers with the help of innovative products. Digitizing improves profitability and facilitates growth.
Building a Code Halo Economy for InsuranceCognizant
By finding meaning in the digital data that accumulates around people, processes, organizations and things, insurers can simultaneously reinvent how they operate and reshape their customers' experience.
Equipping IT to Deliver Faster, More Flexible Service ManagementCognizant
IT must apply new strategies and tools to the service management function, in order to address fundamental changes in how end-users consume technology and services. Here's how IT can increase service delivery speeds and user satisfaction, while delivering greater business value.
Property & Casualty Commercial Lines Underwriting: The New PlaybookCognizant
P&C commercial lines carriers are experiencing a global transformation that will compel them to reexamine their operating models, implement direct-to-consumer strategies, reengineer their processes and technologies, and achieve and sustain profitable growth in the age of digital.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
- Forrester evaluated 18 leading CRM suite solutions against over 500 criteria to assess their suitability for large organizations. The solutions were grouped into leaders, strong performers, and a single contender.
- Oracle Siebel and SAP were found to still offer the most complete solutions for large enterprises, though other leaders like Salesforce.com and Microsoft are gaining ground with more flexible, quicker to implement solutions.
- While the leaders are challenged by strong performers like Oracle E-Business Suite and PeopleSoft CRM suited for ERP customers, as well as BPM-focused solutions from Chordiant, Pegasystems and Sword Ciboodle, the crowded market provides many choices for buyers to consider.
Insurance rating software is defined as an integrated software to handle the needs of insurers of all sizes. It is used to calculate the premium associated with a policy or other transactions. It stores the rating rules and algorithms, the base rates and associated factors, and the rules necessary to combine the rates and algorithms to calculate a premium.
With a fundamental shift in the CFO mission, the finance function has become a critical change agent across organizations. The role of financial leaders such as CFOs is evolving, from a traditional financial controller, to one that drives performance improvements across the organization.
Focus Point Technology (FPT) has created a consortium of technology management vendors to address the fragmented nature of enterprise technology management. The consortium brings together vendors with expertise in areas like telecom expense management, cloud management, and IT asset management. FPT's goals are to provide clients flexibility in choosing best-of-breed solutions, consolidate billing through their One Pay system, and give clients visibility into their technology footprint through the FPT360 platform. By aggregating vendors with proven records but potentially overlooked by clients, FPT aims to fill gaps in enterprise technology management capabilities.
Why Master Data Management Projects Fail and what this means for Big DataSam Thomsett
This document discusses why Master Data Management (MDM) projects often fail and the implications for big data initiatives. Some key reasons for MDM project failures include a lack of enterprise thinking and executive sponsorship, weak business cases, treating MDM as an IT solution rather than business solution, unrealistic roadmaps, and poor communications planning. The document argues that establishing a data governance strategy, enterprise reference architecture, and prioritized project roadmap are important for MDM and big data success.
BearingPoint provides Lean management solutions and expertise to companies across Europe to improve performance and consistency. They have over 80 senior managers experienced in Lean programs across 16 countries. BearingPoint views Lean management as combining 7 key factors: mindset, flow, value, skills, integration, standardization, and continuous improvement (PDCA). Their approach focuses on practical problem solving, bottom-up involvement, and change management to successfully structure and deploy Lean initiatives throughout organizations.
Streamlining Identity and Access Management through Unified Identity and Acce...happiestmindstech
Effective identity and access management enables private and public enterprises to manage identities and access in and out of the business boundaries to meet various business objectives. The benefits of IAM are more
or less the same for organizations irrespective of the nature of business. Similarly, the challenges and issues associated with IAM are similar to all industry segments.
Vantageagora provides Insurance underwriting solutions, where we enable insurers to quickly and easily deploy intelligent automated processes that drive efficiency, consistency, and compliance across the enterprise With insurance underwriting software.
Going Digital? Not Without a Simple, Modern and Secure IT BackboneCognizant
To compete in today’s digital world, enterprises need a fast, efficient and extensible IT foundation that reduces complexity, enhances agility and enables resiliency. Here’s our blueprint on how to get started.
Munich Re has established Digital Partners to engage with insurtech startups through partnerships, investments, and acquisitions. Digital Partners focuses on distribution and provides capital, products, analytics, and back office technology to partner companies. Munich Re has partnered with or invested in nine insurtech companies to date, including Blink which offers flight disruption insurance and Bought By Many which uses collective buying power to offer tailored insurance policies. Munich Re aims to learn from and support disruptive insurtech partners in order to capture new opportunities from the changing insurance landscape.
Profitability in the Direct-to-Consumer Marketplace: A Playbook for Media and...Cognizant
Amid constant change, industry leaders need an upgraded IT infrastructure capable of adapting to audience expectations while proactively anticipating ever-evolving business requirements.
Digital Business Transformation – Across Insurance Value ChainRob Cornwell
This document outlines 63 ideas generated by insurance executives across multiple lines of business to prioritize digital transformation initiatives. Short term priorities focus on improving the customer experience through personalization, omni-channel experiences, and leveraging data. Longer term strategic focuses include innovations like insuring autonomous vehicles, integrating with the sharing economy, and using new sources of data like wearables. The highest priorities are highlighted in red and involve minimizing customer effort, better leveraging data for personalization, and seamlessly integrating personal and commercial insurance lines.
Insurance at the Intersection: Reinventing the Model, Repositioning the BrandCognizant
Insurers that can embrace the changing environment by redesigning their operating models and reinventing their business will be the most successful industry players of the future.
25 Ways the Consumer Data Right Can Create Smoother and Smarter Customer Expe...PemaDoma1
This document outlines 25 potential use cases for how organizations can use consumer data accessed through Australia's Consumer Data Right (CDR) framework, also known as Open Banking. It discusses how the CDR allows consumers to share their personal data with trusted organizations. This drives innovation and competition by allowing recipient organizations to incorporate consumer, product, account, and transaction data into their own product and service offerings. The document then categorizes 25 specific use cases into two categories: "Smoother" use cases that improve customer experiences through automation and streamlining, and "Smarter" use cases that enable personalization and improved predictions. Each use case is described in 1-2 sentences to illustrate how organizations can leverage CDR data to benefit both customers
Transforming for digital customers across 6 key industriesAbhishek Sood
While many industries recognize the value of digital transformation and the role it plays in meeting increasingly high customer expectations, digital transformation maturity is lagging behind in several industries.
To learn more, Forrester Consulting conducted a study to evaluate the state of digital transformation across 6 industries, including retail, banking, healthcare, insurance, telco, and media.
Find out how each of these industries is faring in a digital-first world, and uncover the report’s key findings about:
The role of digital technologies in shaping customer relationships
Areas of improvement: From operations to digital marketing
Recommendations for the next steps in digital transformation
And more
Emerging Trends in Automated Wealth Management AdviceCognizant
Robo advisors are reshaping the wealth management industry by providing automated investment advice and portfolio management with lower fees. While initially targeting mass affluent customers, robo advisors are becoming more sophisticated and may expand into serving high-net-worth individuals. Wealth managers need to respond by enhancing their digital offerings and incorporating automated advice tools. A hybrid model that combines low-cost automated portfolio management with personalized financial planning advice from human advisors could help wealth managers better serve customers and compete with robo advisors.
SMA LT Claims Perspective 02-11-15 FINALSteven Levine
L&T Infotech has expertise in claims transformation for insurance companies. Claims transformation involves modernizing legacy systems, optimizing processes, and innovating with new technologies. This allows insurers to shift from reactive to proactive approaches, prevent losses, and enhance customer experiences. L&T Infotech can help insurers achieve transformation through its insurance industry expertise, technology solutions across the claims lifecycle, and experience modernizing large insurers globally.
[ I B M] Ibm Banking Overview Final Version For F T UEcom Ftu
Do ông Aaron Axworthy trình bày tại hội thảo "TMĐT-Cơ hội nghề nghiệp trong tầm tay"
Giám đốc mảng dịch vụ tài chính tại 3 nước Vietnam, Laos và Campuchia.
This document provides a process and checklist for developing an effective digital strategy. It outlines common barriers to digital strategy such as alignment, skills, silos, metrics, resources, culture and regulations. The process involves identifying a catalyst, building leadership support and a team, conducting research, co-creating a strategy, synthesizing it, gaining alignment, and implementing the strategy. Following this process can help brands adapt to digital disruptions and remain relevant.
The Digital Multiplier: Five Steps To Digital Success In The Insurance SectorAccenture Insurance
Insurers are investing less than many of their counterparts in other industries in essential digital technology. They’re also achieving lower financial returns on this spending.
The few insurers that are generating good financial returns from their investments in digital technology have a big advantage over their competitors. They have grown revenue 64 percent more than other insurers that have invested heavily in digital technology and achieved a 48 percent better return on equity.
Digitizing Insurance - A Whitepaper by RapidValue SolutionsRadhakrishnan Iyer
This document discusses how insurance companies can digitize their legacy systems to adopt modern technologies. It defines digitalization as shifting to electronic channels while balancing traditional practices. Insurers must modernize to drive growth amid rising customer expectations. Technical challenges include outdated, siloed legacy systems that are difficult to integrate and scale. The document recommends insurers establish a digital center of excellence, consult digital partners, assess technologies and identify gaps, target areas and users, and develop strategic IT initiatives to orchestrate their digital transformation.
Being Digital, Fast-forward to the Right Digital Strategy Fabio Mittelstaedt
Do my Company have the right Digital Strategy? Is it compelling enough to beat my competitors? Or to conquer the new digital customers from millenniums to baby boomers? Competing in a world shaped by digital technologies requires a fundamentally different approach to how strategies are developed and executed. 55% of business leaders admit that they do not yet have an enterprise-level digital strategy to support their corporate strategy. But there is a difference between developing some digital capabilities or being a digital lead in your industry. Digital disrupts business strategy. Business leaders must consider a new strategic approach.
With a fundamental shift in the CFO mission, the finance function has become a critical change agent across organizations. The role of financial leaders such as CFOs is evolving, from a traditional financial controller, to one that drives performance improvements across the organization.
Focus Point Technology (FPT) has created a consortium of technology management vendors to address the fragmented nature of enterprise technology management. The consortium brings together vendors with expertise in areas like telecom expense management, cloud management, and IT asset management. FPT's goals are to provide clients flexibility in choosing best-of-breed solutions, consolidate billing through their One Pay system, and give clients visibility into their technology footprint through the FPT360 platform. By aggregating vendors with proven records but potentially overlooked by clients, FPT aims to fill gaps in enterprise technology management capabilities.
Why Master Data Management Projects Fail and what this means for Big DataSam Thomsett
This document discusses why Master Data Management (MDM) projects often fail and the implications for big data initiatives. Some key reasons for MDM project failures include a lack of enterprise thinking and executive sponsorship, weak business cases, treating MDM as an IT solution rather than business solution, unrealistic roadmaps, and poor communications planning. The document argues that establishing a data governance strategy, enterprise reference architecture, and prioritized project roadmap are important for MDM and big data success.
BearingPoint provides Lean management solutions and expertise to companies across Europe to improve performance and consistency. They have over 80 senior managers experienced in Lean programs across 16 countries. BearingPoint views Lean management as combining 7 key factors: mindset, flow, value, skills, integration, standardization, and continuous improvement (PDCA). Their approach focuses on practical problem solving, bottom-up involvement, and change management to successfully structure and deploy Lean initiatives throughout organizations.
Streamlining Identity and Access Management through Unified Identity and Acce...happiestmindstech
Effective identity and access management enables private and public enterprises to manage identities and access in and out of the business boundaries to meet various business objectives. The benefits of IAM are more
or less the same for organizations irrespective of the nature of business. Similarly, the challenges and issues associated with IAM are similar to all industry segments.
Vantageagora provides Insurance underwriting solutions, where we enable insurers to quickly and easily deploy intelligent automated processes that drive efficiency, consistency, and compliance across the enterprise With insurance underwriting software.
Going Digital? Not Without a Simple, Modern and Secure IT BackboneCognizant
To compete in today’s digital world, enterprises need a fast, efficient and extensible IT foundation that reduces complexity, enhances agility and enables resiliency. Here’s our blueprint on how to get started.
Munich Re has established Digital Partners to engage with insurtech startups through partnerships, investments, and acquisitions. Digital Partners focuses on distribution and provides capital, products, analytics, and back office technology to partner companies. Munich Re has partnered with or invested in nine insurtech companies to date, including Blink which offers flight disruption insurance and Bought By Many which uses collective buying power to offer tailored insurance policies. Munich Re aims to learn from and support disruptive insurtech partners in order to capture new opportunities from the changing insurance landscape.
Profitability in the Direct-to-Consumer Marketplace: A Playbook for Media and...Cognizant
Amid constant change, industry leaders need an upgraded IT infrastructure capable of adapting to audience expectations while proactively anticipating ever-evolving business requirements.
Digital Business Transformation – Across Insurance Value ChainRob Cornwell
This document outlines 63 ideas generated by insurance executives across multiple lines of business to prioritize digital transformation initiatives. Short term priorities focus on improving the customer experience through personalization, omni-channel experiences, and leveraging data. Longer term strategic focuses include innovations like insuring autonomous vehicles, integrating with the sharing economy, and using new sources of data like wearables. The highest priorities are highlighted in red and involve minimizing customer effort, better leveraging data for personalization, and seamlessly integrating personal and commercial insurance lines.
Insurance at the Intersection: Reinventing the Model, Repositioning the BrandCognizant
Insurers that can embrace the changing environment by redesigning their operating models and reinventing their business will be the most successful industry players of the future.
25 Ways the Consumer Data Right Can Create Smoother and Smarter Customer Expe...PemaDoma1
This document outlines 25 potential use cases for how organizations can use consumer data accessed through Australia's Consumer Data Right (CDR) framework, also known as Open Banking. It discusses how the CDR allows consumers to share their personal data with trusted organizations. This drives innovation and competition by allowing recipient organizations to incorporate consumer, product, account, and transaction data into their own product and service offerings. The document then categorizes 25 specific use cases into two categories: "Smoother" use cases that improve customer experiences through automation and streamlining, and "Smarter" use cases that enable personalization and improved predictions. Each use case is described in 1-2 sentences to illustrate how organizations can leverage CDR data to benefit both customers
Transforming for digital customers across 6 key industriesAbhishek Sood
While many industries recognize the value of digital transformation and the role it plays in meeting increasingly high customer expectations, digital transformation maturity is lagging behind in several industries.
To learn more, Forrester Consulting conducted a study to evaluate the state of digital transformation across 6 industries, including retail, banking, healthcare, insurance, telco, and media.
Find out how each of these industries is faring in a digital-first world, and uncover the report’s key findings about:
The role of digital technologies in shaping customer relationships
Areas of improvement: From operations to digital marketing
Recommendations for the next steps in digital transformation
And more
Emerging Trends in Automated Wealth Management AdviceCognizant
Robo advisors are reshaping the wealth management industry by providing automated investment advice and portfolio management with lower fees. While initially targeting mass affluent customers, robo advisors are becoming more sophisticated and may expand into serving high-net-worth individuals. Wealth managers need to respond by enhancing their digital offerings and incorporating automated advice tools. A hybrid model that combines low-cost automated portfolio management with personalized financial planning advice from human advisors could help wealth managers better serve customers and compete with robo advisors.
SMA LT Claims Perspective 02-11-15 FINALSteven Levine
L&T Infotech has expertise in claims transformation for insurance companies. Claims transformation involves modernizing legacy systems, optimizing processes, and innovating with new technologies. This allows insurers to shift from reactive to proactive approaches, prevent losses, and enhance customer experiences. L&T Infotech can help insurers achieve transformation through its insurance industry expertise, technology solutions across the claims lifecycle, and experience modernizing large insurers globally.
[ I B M] Ibm Banking Overview Final Version For F T UEcom Ftu
Do ông Aaron Axworthy trình bày tại hội thảo "TMĐT-Cơ hội nghề nghiệp trong tầm tay"
Giám đốc mảng dịch vụ tài chính tại 3 nước Vietnam, Laos và Campuchia.
This document provides a process and checklist for developing an effective digital strategy. It outlines common barriers to digital strategy such as alignment, skills, silos, metrics, resources, culture and regulations. The process involves identifying a catalyst, building leadership support and a team, conducting research, co-creating a strategy, synthesizing it, gaining alignment, and implementing the strategy. Following this process can help brands adapt to digital disruptions and remain relevant.
The Digital Multiplier: Five Steps To Digital Success In The Insurance SectorAccenture Insurance
Insurers are investing less than many of their counterparts in other industries in essential digital technology. They’re also achieving lower financial returns on this spending.
The few insurers that are generating good financial returns from their investments in digital technology have a big advantage over their competitors. They have grown revenue 64 percent more than other insurers that have invested heavily in digital technology and achieved a 48 percent better return on equity.
Digitizing Insurance - A Whitepaper by RapidValue SolutionsRadhakrishnan Iyer
This document discusses how insurance companies can digitize their legacy systems to adopt modern technologies. It defines digitalization as shifting to electronic channels while balancing traditional practices. Insurers must modernize to drive growth amid rising customer expectations. Technical challenges include outdated, siloed legacy systems that are difficult to integrate and scale. The document recommends insurers establish a digital center of excellence, consult digital partners, assess technologies and identify gaps, target areas and users, and develop strategic IT initiatives to orchestrate their digital transformation.
Being Digital, Fast-forward to the Right Digital Strategy Fabio Mittelstaedt
Do my Company have the right Digital Strategy? Is it compelling enough to beat my competitors? Or to conquer the new digital customers from millenniums to baby boomers? Competing in a world shaped by digital technologies requires a fundamentally different approach to how strategies are developed and executed. 55% of business leaders admit that they do not yet have an enterprise-level digital strategy to support their corporate strategy. But there is a difference between developing some digital capabilities or being a digital lead in your industry. Digital disrupts business strategy. Business leaders must consider a new strategic approach.
The document discusses the growing role of Chief Digital Officers (CDOs) in companies. It outlines some of the key responsibilities of CDOs, which include developing a company's digital strategy, integrating digital initiatives across business units, and educating other executives about digital opportunities. The document also provides examples of prominent companies that have hired CDOs, such as Starbucks, CVS, and Renault, and discusses some of the digital projects these CDOs have led. It predicts that the number of CDO positions will continue increasing globally as more companies recognize the importance of digital strategies.
Webinar : Desperately Seeking Transformation - Part 2: Insights from leading...The Digital Insurer
The document discusses Cathay Life Insurance's use of data and AI through its CARE scoring system. CARE includes Cathay Eye, which analyzes customer data to predict health risks and segment customers into high, medium, and low risk groups. It also includes Cathay AIMs, which predicts customers' potential to purchase additional insurance products. These tools allow Cathay Life to better understand customers, price products accurately, and guide targeted marketing efforts. The scoring system is part of Cathay Life's transformation into a technology-driven company focused on innovation.
The document discusses the challenges that organizations face with digital disruption. A survey found that while many clients are concerned about digital disruption, few are adequately prepared to address it. Embracing change and developing a digital business strategy is key to thriving during disruption. However, the survey found that developing new skills and updating outdated IT systems are major challenges for organizations. CIOs need to work closely with business leaders to define a vision for how digital disruption will impact the organization and identify ways to tackle challenges during the transition.
How Insurers Can Tame Data to Drive InnovationCognizant
To thrive among entrenched rivals and compete more effectively with digital natives, insurers will need to get their data right. That will mean moving to more responsive, AI-enabled architectures that accelerate data management and deliver insights that drive business performance.
2013 03-05 competitive advantage of digital transformationMartin Hack
Digital maturity matters
It matters in every industry
And the approaches that digitally mature companies use can be adopted by any company that has the leadership drive to do so
The future is arriving quickly. Take action now to create your own digital advantage
1. The document discusses digital business, including how digital technologies are used to create new business models and customer experiences.
2. Some benefits of digital business mentioned include the ability to rapidly enter new markets, form new partnerships, and reach more customers. However, digital business also faces challenges like security, privacy, and maintenance issues.
3. The article outlines some key steps in developing a digital business like identifying customer problems and solutions, achieving product-market fit, and determining customer willingness to pay. It also discusses strategies like increasing market share and revenue.
GRC Strategies in a Business_ Trends and Challenges.pdfbasilmph
GRC services are primarily about governance, risk, and compliance. However, GRC strategies go beyond that. GRC revolves around every capability required to
support principled performance at different levels of an organization.
ALM Intelligence-McorpCX-Digital Customer Strategy & Experience Consulting-En...Graham Clark
The document provides an analysis of the competitive landscape for digital customer strategy and experience consulting. It defines digital consulting and the focus areas of digital customer experience consulting. It describes trends driving demand, such as the need for companies to adapt customer strategies to changing behaviors and threats. It also notes that while customer strategy fundamentals have not changed, execution speed has increased significantly. The document discusses client sponsors, capabilities of leading providers, and market trends such as the importance of agile strategy development and constraints on data analytics due to the scarcity of digital talent.
Digital business transformation a cio perspectiveMauricio Iturra
This document discusses three key roles that CIOs can play in leading digital business transformation efforts:
1) Explain the gap between an enterprise's digital ambition and its current reality. Most enterprises overestimate their level of digital transformation achievement.
2) Model digital behaviors for the entire organization. CIOs must demonstrate digital dexterity to help evolve the workforce.
3) Serve as digital technologists and thought leaders. CIOs should educate business leaders on emerging technologies that could disrupt their industry.
The Road to Digital Maturity for Investment ManagersKurtosys Systems
Digital maturity is one way of gauging a company's level of success on their road to digital transformation; and there are many factors involved in assessing this. In this white paper we focus on five areas that, from our experience, play a vital role in theroad to digital maturity with investment managers in mind.
1. The document discusses key aspects of digital transformation including focusing on speed, data, and ecosystems. It emphasizes the importance of building digital capabilities like customer experience, operations, and business models.
2. Transformation requires changes in information technology, strategy, and organizational agility. Companies should move along a continuum from pre-digital to digital pure play.
3. Accelerating transformation involves increasing speed through shorter feedback loops, leveraging large amounts of available data, and developing partnerships within ecosystems. Digital thread and twin approaches can also drive continuous improvement.
Industry Report: The State of Customer Data Integration in 2013Scribe Software Corp.
Report from Scribe Software that surveyed over 900 businesses worldwide, states customer data integration has become a core business issue as organizations struggle to attain the ideal of the connected enterprise and drive business value from IT investments while managing increasingly complex IT environments. “Businesses are struggling to reach the connected enterprise nirvana,” noted Lou Guercia, CEO of Scribe. “With the continued move to cloud and complex hybrid environments, the lack of integration between these systems is becoming clearer and significantly slowing business value.”
Similar to How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass (20)
Using Adaptive Scrum to Tame Process Reverse Engineering in Data Analytics Pr...Cognizant
Organizations rely on analytics to make intelligent decisions and improve business performance, which sometimes requires reproducing business processes from a legacy application to a digital-native state to reduce the functional, technical and operational debts. Adaptive Scrum can reduce the complexity of the reproduction process iteratively as well as provide transparency in data analytics porojects.
Data Modernization: Breaking the AI Vicious Cycle for Superior Decision-makingCognizant
The document discusses how most companies are not fully leveraging artificial intelligence (AI) and data for decision-making. It finds that only 20% of companies are "leaders" in using AI for decisions, while the remaining 80% are stuck in a "vicious cycle" of not understanding AI's potential, having low trust in AI, and limited adoption. Leaders use more sophisticated verification of AI decisions and a wider range of AI technologies beyond chatbots. The document provides recommendations for breaking the vicious cycle, including appointing AI champions, starting with specific high-impact decisions, and institutionalizing continuous learning about AI advances.
It Takes an Ecosystem: How Technology Companies Deliver Exceptional ExperiencesCognizant
Experience is becoming a key strategy for technology companies as they shift to cloud-based subscription models. This requires building an "experience ecosystem" that breaks down silos and involves partners. Building such an ecosystem involves adopting a cross-functional approach to experience, making experience data-driven to generate insights, and creating platforms to enable connected selling between companies and partners.
Intuition is not a mystery but rather a mechanistic process based on accumulated experience. Leading businesses are engineering intuition into their organizations by harnessing machine learning software, massive cloud processing power, huge amounts of data, and design thinking in experiences. This allows them to anticipate and act with speed and insight, improving decision making through data-driven insights and acting as if on intuition.
The Work Ahead: Transportation and Logistics Delivering on the Digital-Physic...Cognizant
The T&L industry appears poised to accelerate its long-overdue modernization drive, as the pandemic spurs an increased need for agility and resilience, according to our study.
Enhancing Desirability: Five Considerations for Winning Digital InitiativesCognizant
To be a modern digital business in the post-COVID era, organizations must be fanatical about the experiences they deliver to an increasingly savvy and expectant user community. Getting there requires a mastery of human-design thinking, compelling user interface and interaction design, and a focus on functional and nonfunctional capabilities that drive business differentiation and results.
The Work Ahead in Manufacturing: Fulfilling the Agility MandateCognizant
Manufacturers are ahead of other industries in IoT deployments but lag in investments in analytics and AI needed to maximize IoT's benefits. While many have IoT pilots, few have implemented machine learning at scale to analyze sensor data and optimize processes. To fully digitize manufacturing, investments in automation, analytics, and AI must increase from the current 5.5% of revenue to over 11% to integrate IT, OT, and PT across the value chain.
The Work Ahead in Higher Education: Repaving the Road for the Employees of To...Cognizant
Higher-ed institutions expect pandemic-driven disruption to continue, especially as hyperconnectivity, analytics and AI drive personalized education models over the lifetime of the learner, according to our recent research.
Engineering the Next-Gen Digital Claims Organisation for Australian General I...Cognizant
The document discusses potential future states for the claims organization of Australian general insurers. It notes that gradual changes like increasing climate volatility, new technologies, and changing customer demographics will reshape the insurance industry and claims processes. Five potential end states for claims organizations are described: 1) traditional claims will demand faster processing; 2) a larger percentage of claims will come from new digital risks; 3) claims processes may become "Uberized" through partnerships; 4) claims organizations will face challenges in risk management propositions; 5) humans and machines will work together to adjudicate claims using large data and computing power. The document argues that insurers must transform claims through digital technologies to concurrently improve customer experience, operational effectiveness, and efficiencies
Green Rush: The Economic Imperative for SustainabilityCognizant
Green business is good business, according to our recent research, whether for companies monetizing tech tools used for sustainability or for those that see the impact of these initiatives on business goals.
Policy Administration Modernization: Four Paths for InsurersCognizant
The pivot to digital is fraught with numerous obstacles but with proper planning and execution, legacy carriers can update their core systems and keep pace with the competition, while proactively addressing customer needs.
The Work Ahead in Utilities: Powering a Sustainable Future with DigitalCognizant
Utilities are starting to adopt digital technologies to eliminate slow processes, elevate customer experience and boost sustainability, according to our recent study.
AI in Media & Entertainment: Starting the Journey to ValueCognizant
Up to now, the global media & entertainment industry (M&E) has been lagging most other sectors in its adoption of artificial intelligence (AI). But our research shows that M&E companies are set to close the gap over the coming three years, as they ramp up their investments in AI and reap rising returns. The first steps? Getting a firm grip on data – the foundation of any successful AI strategy – and balancing technology spend with investments in AI skills.
Operations Workforce Management: A Data-Informed, Digital-First ApproachCognizant
As #WorkFromAnywhere becomes the rule rather than the exception, organizations face an important question: How can they increase their digital quotient to engage and enable a remote operations workforce to work collaboratively to deliver onclient requirements and contractual commitments?
Five Priorities for Quality Engineering When Taking Banking to the CloudCognizant
As banks move to cloud-based banking platforms for lower costs and greater agility, they must seamlessly integrate technologies and workflows while ensuring security, performance and an enhanced user experience. Here are five ways cloud-focused quality assurance helps banks maximize the benefits.
Getting Ahead With AI: How APAC Companies Replicate Success by Remaining FocusedCognizant
Changing market dynamics are propelling Asia-Pacific businesses to take a highly disciplined and focused approach to ensuring that their AI initiatives rapidly scale and quickly generate heightened business impact.
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How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass
1. Digital Business
How Insurers Bring
Focus to Digital
Initiatives through a
Maturity Looking Glass
When planning a digital initiative, it’s critical to understand
where your company stands today and how it can get to where
it needs to go. A new framework lets insurers assess their
digital maturity, identify how best to move ahead, and gain
insight into the practices of industry digital leaders to guide
their own efforts.
March 2019
2. 2 / How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass
Digital Business
Digital transformation is top of mind for insurance executives,
but as the industry acts on its digital ambitions, progress
varies widely. Insurers that lag behind the field will soon be at a
critical competitive disadvantage.
According to our ongoing study of organizations’ digital maturity, more than 85% of
respondents said that they are investing in their digital agendas and exploring technologies
ranging from artificial intelligence (AI) and big data to social media and the cloud. The
benefits include higher revenue, increased efficiency and stronger customer relationships.
Too often, however, insurers take a fragmented approach to digital adoption. They launch
initiatives in isolated pockets within the business with little overall coordination. In fact,
more often than not, insurers lack a comprehensive digital plan, which impedes their
ability to implement the process and business-model changes necessary to drive revenue,
profitability and other targeted business outcomes.
As with any change initiative, digital transformation requires a clear strategy. This strategy
must be based on an accurate understanding of the digital “as-is” state — that is, the
company’s “digital maturity.” With a realistic view of their maturity level, insurers are better
positioned to create and apply a comprehensive digital plan to stay ahead in this highly
competitive industry.
Executive Summary
With a realistic view of their maturity level, insurers are
better positioned to create and apply a comprehensive
digital plan to stay ahead in this highly competitive
industry.
3. How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass / 3
Digital Business
4. Measuring digital maturity
To help organizations gauge their level of digital maturity, we
developed a Digital Maturity Diagnostic (DMD) framework. This
diagnostic tool uses insight gleaned through self-assessments by
senior business and IT executives of multibillion-dollar companies.1
The tool examines five areas of digital maturity:
❙❙ Core business functions. The use of digital technology to redefine the way the organization engages
and enables the customer journey through its business processes.
❙❙ Strategic innovation. The identification and evaluation of new strategies as well as business and IT
models designed to enhance the customer experience.
❙❙ Real-time insights. Having intelligence built into digital platforms that constantly and consistently
develop insight into various customer interactions to enhance the experience and predict future
customer needs and opportunities.
❙❙ Human understanding. Clearly knowing who the company serves internally and externally to enhance
customer, partner and employee collaboration across the ecosystem.
❙❙ Agile organization. The ability to move away from siloed functions in IT and throughout the business,
and to dynamically identify and adopt new and innovative approaches that enhance speed-to-market
and reduce costs through lean development models.
To assess a company’s digital maturity, the DMD framework compares and analyzes responses against a
benchmark database. In essence, it measures two fundamental qualities — a company’s digital capabilities,
or the degree to which it embraces digital; and a company’s transformation capabilities, or its ability to drive
and consume change. These capabilities are essential to any digital transformation effort.
After receiving their diagnostic report, insurers can:
❙❙ Compare their level of digital maturity to that of industry peers.
❙❙ More effectively identify gaps and opportunities for capability improvements.
❙❙ Chart a course forward.
By conducting reassessments over time, insurers can monitor their progress on the digital journey.
4 / How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass
Digital Business
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Digital Business
Progress varies across the industry
Although the DMD survey is ongoing, the current results show a clear
pattern in which insurance companies fall into one of three digital-
maturity categories:
❙❙ Digital Dominators. Twenty-two percent of respondents are far along in their digital transformation.
They are more likely to be pursuing “digital at scale,” with initiatives that span the enterprise and, in many
cases, extend outward to include ecosystem partners.
❙❙ Doing Digital. Fifty-three percent of respondents invest in digital at the business unit or departmental
level — with a few indicating that they are moving toward an enterprise-wide approach.
❙❙ Digital Dabblers. Twenty-five percent of respondents are in a “wait-and-see” mode, with only limited
investments in digital. Companies in this segment risk permanently falling behind in the use of valuable
digital tools and, ultimately, losing their competitive advantage.
Digital Dominators have high scores across both the digital capabilities and transformation capabilities
dimensions (see Figure 1). They embrace digital tools and are well-positioned to benefit from them.
Figure 1
Digital maturity benchmark — early large-insurer groupings
Siloed Fused
TraditionalModern
TRANSFORMATION ABILITY
(Be Digital)
DIGITALCAPABILITIES
(DoDigital)
Digital
Dabblers
Doing
Digital
Digital
Dominators
6. According to the survey results, personal property and casualty (P&C) insurers are, in general, more
digitally mature than other types of providers. As a group, commercial insurance organizations report
the lowest levels of digital maturity (see Figure 2). This finding may be somewhat puzzling, since P&C and
commercial lines are often part of the same insurance company. However, this difference in maturity is
likely due to the business-unit focus of many digital efforts, which can lead to different initiatives being at
different stages in the transformation journey.
Perhaps most important, the DMD survey shows a strong correlation between digital maturity and financial
performance, with Digital Dominators experiencing higher revenue growth and profitability compared to
less digitally mature companies.
6 / How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass
Digital Business
Figure 2
Relative digital maturity by insurance domain total revenue / premiumslarge U.S. based insurance carriers across varying LOB
25+ $250B
P&C – Personal
B2C B2B
33% less mature
60% less mature
Life & Annuities Retirement Group Benefits P&C – Commercial
❙❙ As expected, P&C – Personal organizations are further along their digital journeys and are more digitally
mature than other insurance domains.
❙❙ P&C – Commercial organizations are the least digitally mature, indicating a surprising lack of enterprise-
level fusion (i.e., digital vision, capability, process harmonization and digital-first thinking) with their P&C
personal investments.
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Digital Business
Learning from the leaders
The DMD survey also provides insight into digital leaders’ actions and
strategies — information that insurers can use to guide their own digital
journeys. For example, Digital Dominators are most likely to use:
❙❙ Innovation labs. All Digital Dominators have innovation labs that focus on digital technology. Many
insurers have such labs, but simply having a lab does not translate into greater digital maturity.
Dominator labs stand out because they are more likely to be integrated into the business, work in
partnership with an ecosystem of internal and external partners, and be regarded as an organizational
strategic initiative.
❙❙ Analytics. Digital Dominators also stand out in their extensive use of data analytics tools that use AI and
machine learning technologies. All Dominators have well-developed predictive analytics capabilities.
❙❙ Automation. Digital Dominators not only embrace robotic process automation (RPA), but they also
take it to the next level by deploying intelligent process automation (IPA). IPA essentially enhances RPA
with AI, machine learning and case-management technologies that automate a wider range of activities,
and constantly and automatically improve process efficiency. Dominators are three times more likely
than other companies to have mature IPA capabilities.
More broadly, Digital Dominators are more likely to have adopted digital-transformation best practices.
For example, Dominators differ from Dabblers in how they use data, approaching it as a perishable
asset and leveraging it to create real-time, actionable insights. They view digital transformation as an
enterprise-level initiative, and they tend to apply digital technology more broadly — in underwriting, claims,
distribution and product development. And they look beyond traditional company boundaries to form
an ecosystem of digital partnerships and create broader, digitally enabled business opportunities that
generate new revenue.
Digital Dominators look beyond traditional company
boundaries to form an ecosystem of digital partnerships and
create broader, digitally enabled business opportunities that
generate new revenue.
8. Changing perspectives
Historically, the insurance industry is a sophisticated user of
technologies such as enterprise systems and the cloud. But today’s
digital revolution brings new challenges and opportunities, requiring
more advanced skills and approaches.
Most important, insurers that seek to digitally enhance their organization must transform their culture
by injecting digital thinking into their DNA. Cultural change isn’t easy and it must be driven from the top,
with a strong executive vision and a strategy that is well articulated across the organization. The right
culture effectively fuses business and technology, and engages the organization in using digital tools to
satisfy customers, recognize potential market disruptors and help the company become a disruptor in its
own right.
A “think digital” culture means that people view digital transformation as a never-ending effort. Digital
efforts must keep pace with change. Digital Dominators have attained their position at the top of the
scale by shifting their traditional project mentality — with its focus on discrete and finite pieces of work —
toward one that’s more open-ended and product-oriented. Like any product-development process, a
digital transformation initiative requires ongoing investments in enhancements and improvements, and a
willingness to embrace new opportunities to stay in step with a changing world.
As insurers progress on their digital journeys and aspire to attain (or maintain) Digital Dominator status, an
objective maturity assessment and diagnostic that benchmarks progress against peers can act as a catalyst
for more effective digital execution.
8 / How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass
Digital Business
Insurers that seek to digitally
enhance their organization
must transform their culture by
injecting digital thinking into
their DNA.
9. How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass / 9
Digital Business
Ongoing growth with the Digital Maturity Diagnostic (DMD) assessment
Our DMD assessment allows an insurer to assess its current state of digital maturity and where it
stands compared to its peers. The industry database that is the foundation of the DMD framework
continues to grow as we incorporate the experience of more insurers. Insurance companies can take
advantage of the DMD survey by completing the assessment tool. For more information, please contact
CognizantInsuranceDMD@cognizant.com.
10. Endnotes
1 The Digital Maturity Study is an ongoing benchmarking study. Results provided in this white paper are based on
an active online study of 25 large US insurance companies, covering Property & Casualty (personal and commercial),
Life & Annuities, Retirement, and Group Benefits lines of business. Company sizes range from $3B to more than $40B in
annual revenues, with an aggregate total of more than $250B. Senior business and IT executives provided survey input
during the October to December 2018 timeframe.
Digital Business
10 / How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass
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Digital Business
Chris Blatchly
Chief Digital Officer and Consulting Leader for Insurance, Cognizant
Chris Blatchly is the Chief Digital Officer and Consulting Leader for Insurance at
Cognizant. Chris helps insurers harness the power of new technologies and the
information it creates to build their capabilities and transform their businesses.
As a former consulting partner, software company business unit leader and large
company IT executive, he has a unique perspective on technology strategy and
executing process-driven business transformation. Chris has a deep background
in insurance and financial services, and he has often been in the forefront of
working with the latest technologies and successfully implementing them
for his clients. He holds an MBA in marketing from the University of Toronto, a master’s degree in economics from
Western University and a bachelor’s degree in economics from Trent University. Chris can be reached at
Christopher.Blatchly@cognizant.com | www.linkedin.com/in/chrisblatchly-3981a39.
John McVay
Digital Strategy Insurance Leader, Cognizant Digital Business
John leverages deep user insight, real-time data, and agile organizational models to
guide companies on a path to competitive advantage through digital technologies.
As a former digital experience consultant working across many industries, he
ensures that the insured, agents, and employees are strategic guideposts in
the design of new products and services. He can be reached at John.McVay@
cognizant.com | www.linkedin.com/in/john-mcvay-0a9415.
Mark Nobilio
Digital Insurance Domain Leader, Cognizant Consulting
Mark helps large insurers drive their digital transformation agendas aimed at
harnessing digital investments to enhance customer experience, grow market
share, expand new market relationships, improve operating efficiency, and position
digital to deliver business results. Prior to joining Cognizant, Mark was an insurance
partner at several top-tier consulting firms. He can be reached at Mark.Nobilio@
cognizant.com | www.linkedin.com/in/marknobilio/.
About the authors