It is well known that the Insurance industry has been slow to adopt digital technologies when compared to other industries. However, it is also fair to say that it is a highly regulated, complex industry that is fraught with manual processes, endless paperwork, cumbersome legacy technology and a multitude of complex products. Over the years, this has led to many inefficient processes, duplication of effort and a large costly administrative burden for many organisations. Today’s customers are more demanding, requiring the industry to be more nimble, more reactive, more flexible and more customer focused. As a result, the digital disruption of the insurance industry is underway.
Digital transformation is more than just adopting digital technology, for many in the industry, it is a revamp of their entire operating model and an opportunity to look at more innovative ways of doing insurance. Digital transformation and insurance transformation are critical for organisations to not only compete but also to survive and thrive. So, what are some of the best practices that can be adopted to ensure a successful outcome, as you look to undertake your digital transformation journey.
I sat down with Entsia CEO, Alistair McElligott, to discuss his views on the best practices that help drive successful digital transformation in the insurance sector.
Alistair has been in the insurance industry for over 20 years. He knows first-hand the challenges of business models of old, legacy technology and costly administrative processes. It is the reason why 12 years ago he founded Entsia a company that is helping to drive digital innovation in the insurance industry. Entsia’s core purpose is: “To show the world a better way of doing insurance and leave the world in a better place”.
So, I asked him. ‘What advice do you give prospective customers on best practices they should consider, to help achieve a successful outcome when embarking on a digital transformation journey?”
Here are his recommended Top 5 best practices;
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.
If you would like to learn more about Entsia or discuss your digital transformation journey with Alistair, please reach out directly at firstname.lastname@example.org
Contact our team to discover more.