Many insurers still have a long road to travel to fully embrace digital, says Jourik Migom, VP digital product strategy, Endava
A few decades ago, the field of computing developed a new facet and direction that has since grown into an incalculably large industry of its own, commonly referred to as Digital. In that time, the very word has come to embody so many meanings, taken on so many identities, and been applied to so much of what has become everyday activity that it ceases to hold the cachet it once did. However, it does not mean that value is lost; as energy in a system never truly dissipates, but changes form, so does Digital.
But ubiquity does not equate with success. Many insurers still have a long road to travel to fully embrace, institute, and realise their digital futures. Although it permeates almost everything in some capacity, if significant change within a business has not been architected as the market evolved around it, leaders may find themselves in an unenviable position now as success is further predicated on digital ability.
Contrary to previous economic and societal revolutions, the major difference in this tectonic shift stems from the fact that the change we are undergoing today is generated from consumers, technology, and businesses together. It is not driven by a government, nor purely by a technological invention. To better visualise the digital landscape and understand how progress is realised, perspective across all of those three areas is needed.
Endava sees three areas of focus that top the agendas of Insurer CTOs, CIOs, and CMOs worldwide:
• Transforming legacy operations into a truly digital
insurance business that can compete in today’s saturated market.
• Designing and implementing commercially
actionable and engaging user experience
• Establishing and fostering an environment that
facilitates entrepreneurial thinking, innovation, and
creation that grows organically, as opposed to one that originates as a corporate initiative.
While seemingly distinct operational concerns, these areas are interdependent and work in concert to deliver value to the business and customers alike. But insurance professionals should acknowledge that getting started and validating innovation with customers early on, is ‘the new normal’.
Find out how we can help at www.endava.com