DSI

Insurance CIOs: how to innovate without destabilizing the existing system?

1 March 2021
admin
Thanks to data and an entry ticket that is decreasing as it becomes more widespread, digital innovation is more than ever at the heart of the competitiveness of the banking and insurance sectors. This is all the more true as these two sectors of the economy tend to merge their activities, resulting in the necessary transformation of information systems. The IT department in the insurance sector is the main driver of the digital transformations that are essential to achieve the strategic objectives. Its challenge? To respond smoothly to the challenges of digital disruption…
Sommaire

A CIO repositioned in the organizational chart

Since the integration of innovation needs to be supported and managed by the insurance IT, it is time to stop considering it as a simple support for the optimization of operational costs and processes. In this sense, it must be actively involved in all projects aimed at generating new revenues, such as the creation of a new service for policyholders or the establishment of international representative offices. The company would gain in time, money and agility due to the perfect coordination of the teams and the additional costs avoided.

In conclusion, insurance CIOs have serious assets to reclaim their central position in all issues related to digital innovation; it is about leaving their garb as IT service providers and assuming the role of partner with recognized operational excellence, able to anticipate innovation trends, help them grow and measure their impact and benefits in direct contact with the management.

Methods that are inefficient today

Automation of processes and ERPs by insurance CIOs today is nearly ineffective. While this approach creates operational efficiencies internally, it is a turn-off to customers whose experience is degraded by process standardization. It is therefore imperative to offer a platform that is designed to handle all profiles through insurance software with APIs. Moreover, it is no longer tenable to separate digital innovation and the insurance CIO. In a global market that is becoming increasingly oligopolistic due to the inevitable concentration of players, it is essential to be able to deploy innovation quickly and in an industrialized way.

Operational excellence as a signature

So how can innovation be integrated into insurance CIOs while securing the company’s environment?

From FabLabs to operational innovation

One of the answers lies in the creation of in-house experimental laboratories, free from all constraints and in partnership with prestigious universities, university research laboratories, incubators and start-ups. This openness often enables the recruitment of new talent whose keywords are dynamism, creativity, design thinking and openness. The support of insurance CIOs, as with other companies, is essential for multidisciplinary teams to develop their projects, evaluate them in terms of feasibility and security, and finally industrialize them in “cybersecurity” mode.
The success of this last mission naturally establishes the credibility of IT teams and places them where they should be today: at the intersection of all business units and innovation management.

A CIO repositioned in the organizational chart

Since the integration of innovation needs to be supported and managed by the insurance IT, it is time to stop considering it as a simple support for the optimization of operational costs and processes. In this sense, it must be actively involved in all projects aimed at generating new revenues, such as the creation of a new service for policyholders or the establishment of international representative offices. The company would gain in time, money and agility due to the perfect coordination of the teams and the additional costs avoided.

In conclusion, insurance CIOs have serious assets to reclaim their central position in all issues related to digital innovation; it is about leaving their garb as IT service providers and assuming the role of partner with recognised operational excellence, able to anticipate innovation trends, help them grow and measure their impact and benefits in direct contact with the management.

INFOELSA

Personalisez vos process

Nos solutions vous permettent une personalisation fine de votre solution pourq qu’elle s’adapte au mieux à vos besoins.