October 2023

Driving Digital Transformation in Insurance

Entsia News

An interview with Alistair McElligott, CEO, Entsia

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;

  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.

If you would like to learn more about Entsia or discuss your digital transformation journey with Alistair, please reach out directly at alistair@entsia.com

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