Driving Digital Transformation in Insurance

Here are his recommended Top 5 best practices;

1. Have a clear Vision: Detail your requirements. These should focus on the customer experience, process improvements, products and functional areas that relate to the scope of the project. Your vision should be clear, concise, and articulate what you are trying to achieve. It is also important to list your measures of success for the project.
2. Be clear on your Timeline: Identify your priorities and the downstream impacts of each activity. Map out your timeline not only for the project but also include activities such as a review of your current operating model and the roles and skills required of your team.
3. Leverage an Agile methodology: Use an agile methodology to break down projects into smaller, more manageable tasks and iterate quickly to deliver incremental improvements. This reduces pressure, leads to innovation and enables you to learn and continually improve.
4. Ensure your teams have the right expertise: This relates to both inhouse and external teams. Select a partner that has experience, industry expertise and comes with great references. Ensure your own teams have the right knowledge, skills & decision-making authority to execute a successful project in a timely manner.
5. Invest in continuous improvement: It is called a digital transformation journey for a reason. Go-Live doesn’t mean you have reached your destination, it is just the first step of your digital transformation journey. The need to continuously monitor and improve processes and digital capabilities to stay competitive is a necessity today for any business. Staying abreast of technology advancements and the benefits and innovation they can deliver for your business is also key.

I then went on to ask about some of the benefits customers can expect to see as a result of digital transformation. Alistair provided the following examples of benefits that customers of Entsia have been able to achieve.

• Speed to market – The ability to remain agile, innovative and responsive in today’s dynamic business landscape is imperative to not only survive but to compete. Leveraging Entsia’s technology, customers have the ability to introduce new products fast to meet the ever-changing needs of both customers and brokers.
• Reduced costs – Save time and money by configuring new products and processes quickly to suit your specific requirements. The Entsia platform has been designed from the start to support re-use of product components and to allow product changes to be implemented quickly at a both a lower cost and lower risk. Our end-to end solution was built with flexibility in mind. Eliminating the need for expensive custom development.
• Accelerated implementation – Entsia have invested heavily in building out integrations to leading distribution channels. This means our customers get the benefit of leveraging our pre-built integrations to complex distribution channels, many of which they were not able access previously. This not only reduces implementation timeframes and project costs, but more importantly, provides access to more prospective customers, through more channels, enabling growth.
• Automate & streamline processes – Entsia provides a single solution that covers all aspects of the policy and claims lifecycle automating data entry and user flow. This reduces manual administrative effort whilst increasing efficiency to improve conversion and retention across all our customers desired channels.