Building an Agile 21st Century Financial Services Enterprise

Globally, Insurance firms are on their transformation journey which is happening on two different levels; using advanced technologies to grow the business, as well as reduced operating costs.  In the next several years they will begin to operate as a smaller, tighter, with fewer levels within the organization to improve their entrepreneurial ability so as to move into new markets more quickly with new products.

Technology disruptions are becoming primary drivers for multi-fold revenue growth of new entrants - especially Insuretech companies. Though the enterprise insurers – global and local – are equally embracing technologies to improve their profitable growth & compete with new players, their transformation to become as next gen insurer have their own unique issues and complexities.  A few of such are:

• Federated approach in front-end digitalization & delivering non-standard customer experience to clients, brokers, agents and other stakeholders.
• Various platforms supporting the enterprise and core business processes which are still utilized in optimization and integration impeding accelerating the time to market, thus reducing efficiencies and ultimately not matching the customer expectations.
• Back-end with monolithic systems, data centers, multiple data warehouses consuming 40-50% of cost.
• Dissimilar practices in IT processes – increase in IT governance cost and low leverage of standardized tools across organization.
• Increased silos across different entities within organization resulting in building high inefficiencies.