Property/Casualty CIO Pressures and Priorities: North America

“How do we differentiate our products from our competitors? What we realized is that the long pole is the technology.” – Roundtable Participant Nearly every insurer today is talking about transforming their business, recognizing the significant need to improve, both operationally and innovatively, to enable sustainable growth. This era of life insurance is different than even just a few years ago.

The insurance sector has been notoriously slower than other industries to adapt to technology, and digital transformation has been no exception. But an increasingly volatile risk landscape, coupled with the shift in consumer behavior made it necessary to fast track this journey. In addition, improved analytics capabilities and the seemingly ever-expanding available data brought with it opportunities for insurers to understand their risk exposure as well as their customer needs, and address them in a timely and efficient manner.

Digital transformation is a priority for every insurance organization. The challenge is determining how to devise and deploy a successful digital strategy that drives innovation, meets changing customer expectations and improves the bottom line. Digital transformation is not an end state in itself—but a journey—improving agility to continuously evolve your business operations. Simply having electronic content is NOT enough. This webinar will explore the people, process and technology challenges you need to overcome to fully grasp the opportunities that digital transformation presents.

In Digital Insurance 2.0, data is a source of competitive advantage for identifying unserved or underserved markets, identifying profitable niches, reducing or eliminating risk, driving channel optimization, enhancing service and improving customer experiences. Combining data from traditional internal and new external sources can improve the richness of information used to make a wide array of business decisions that are increasing the gap between Insurance 1.0 and Digital Insurance 2.0 at an accelerated rate. To realize the benefits of becoming truly data-driven at the company level, insurers must have a broad enterprise data strategy underpinned by a robust enterprise data warehouse and model to capture internal and new, external data sources across multiple systems so that advanced and emerging analytics can be used effectively.