The insurance industry worldwide is undergoing a significant change accelerated by the financial meltdown and changing demographics of its customer base. In this blog, we will discuss the challenges, approaches and possible solutions to dealing with the transformation that the industry has unwittingly entered into.


June 2, 2015

Nordic Insurance - Digital disruption underway

Digital transformation today has taken entire industries by storm, transforming the landscape beyond recognition. Think about Nokia, Kodak, Blockbuster, traditional music labels, brick & mortar book stores and numerous other examples. Digital mavericks are coming to the market with game-changing innovations and business models focused on customer journeys and experiences that is proving to be the sudden death for traditional ways of doing business. Consider Geico, Friendsurance, Netflix, Airbnb, Apple and Uber - each one of these has changed their respective industries, and overnight everyone has to play according to the new agenda set by these digital mavericks.

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June 28, 2010

Smarter Organization - Simplify

In my previous blog I mentioned the need for Insurers to  "Simplify", "Collaborate" and "Adapt" to emerge as "Smarter Organizations". I would like to elaborate on the need to "Simplify" in this blog.

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October 29, 2009

Tying Web 2.0 technology to Business Objectives for improving ROI

Organizations are seeing Web 2.0 as a technology enabler to achieve business objectives to deliver results. Key to success is “collaboration” between business & IT in leveraging web 2.0 to achieve business objectives.

Some key business objectives of Insurance companies are around enhancing customer experience, revenue growth, minimizing operational expenses, improving employee productivity and distribution effectiveness.  IT departments need to evaluate where Web 2.0 would be most effective to solve parts of the business problems once the business objectives are internalized.  These business problems can be broadly structured around 3 key stakeholders – Employees (for Internal Operational effectiveness & Employee productivity); Customers (Customer experience, product development & revenue growth); Partners - Distributors, Suppliers etc (For Channel productivity and efficiencies).

Once the key stakeholders / business objectives are identified, organizations could start working on three key dimensions of change management – Process, Technology & people. Focusing on technology without focusing on business process and people can be disastrous. There are several examples where blogs, wikis, discussion forums don’t attract enough interest in the user community because the key business problems or issues are not addressed

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September 1, 2009

Insurance Legacy Systems – Ready for a change ?

There are varied views expressed by experts in Insurance on legacy systems in Insurance. A significant majority of insurers still have over 70% of their insurance systems as legacy. Because of this, over 70% of the IT budgets are kept aside for keeping the lights on!!  This bothers the business leaders and makes them question the value IT is providing to business.  IT is clearly not in the front seat driving the business unlike in some of the other industries IT drives business results.  Legacy systems also are quoted as the one of the most common reasons for the delays in launching new products. Longer cycle times for application processing, issues in claim processing and poor customer experience are the other common issues that are attributed to the legacy systems.

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