InsTech.ie Insights: Key Ingredients to Successful Digital Transformation

No two insurers’ digital transformations are ever?exactly?alike.?

That said, when ambitious insurers complete successful transformations, they do tend to have some things in common.

The expert panelists at “Designing for a Successful Transformation,” co-sponsored by EIS and InsTech.ie, discussed what some of these things are. We’ve recapped the critical takeaways and have the panel video for you to watch below:

Don’t Rush In — Be Ready for Transformation.

Every panelist addressed the dangers of jumping into digital transformation without planning and preparedness:

• “It’s like driving a race car … and [you don’t] get to go in for a pitstop [but] they’re changing the tires as you’re trying to drive.” —?Maureen Breslin, COO, New Ireland Assurance
• “I’ve seen lots of projects … where people [only] start thinking about [transformation] two months before implementation, and there’s no time to train people on the new systems.” —?Ryan Griffin, Protection Director, One Family
• “I can’t count the amount of systems that’ve been implemented in organizations and not used.” —?Lana Briggs, Director, Customer & Digital Lead, KPMG Ireland

Business readiness and not rushing in to a transformation helps solve these problems.?

All stakeholders should understand the gist of the technology you’re adopting — e.g., knowing digital coretech is more efficient than legacy systems — and be trained to use it based on their roles and responsibilities.

Transform With a Plan (and Plan for the Unexpected)

Expressing a clear vision for any digital transformation’s goal(s) is essential to success.?

Lana Briggs noted that this vision must center around maximizing value for customers: Focus on what they want now?and?plan for their future needs based on industry trends and economic factors. (For example: Current millennial customers might just want faster auto claims processing. Tn three years, though, they might want personalized protection coverage.)

While the plan should have stages and periodic milestones (so your team sees tangible results), also consider the unplanned. (As Ryan Griffin put it, “The way transformation goes is often dictated by [unforeseen] events,” alluding to new market opportunities or regulatory shifts.)?

Have regular check-ins on the transformation plan’s progress whenever you achieve certain milestones (i.e., migrating a certain share of your business book to a new digital platform). If regulations, sales trends, demographic shifts, or other factors make your current plan untenable, adjust the roadmap before resuming your transformation.

Collaboration, Collaboration, Collaboration

Above all, the panel highlighted the importance of organizational collaboration. No insurer can successfully digitally transform by solely relying on IT expertise?or?laser-focusing on bottom-line business gains.?

The organization must unite behind this technological evolution, with key stakeholders (operational SMEs, IT leaders, risk analysts, etc.) working to ensure every update to the tech stack addresses a concrete business purpose. Similarly, be sure to choose technology partners who’ll meet you where you’re at in your transformation and support you accordingly.

Ready to Pursue Your Transformation Vision?

For more expert insights into successful digital transformation, watch the full video above.

If you’re ready to get the ball rolling on transformation, reach out to learn?how EIS can support your transformation journey?into the future of insurance.