An all-or-nothing approach to digitization comes with high costs and risk. A more nimble method can help insurers achieve their automation goals while getting to market faster.
Digital transformation remains a buzzworthy phrase in the insurance industry, mostly because the process never truly ends. As insurers seek to leverage the latest technology, get products to market faster, and meet evolving customer demands for speed and convenience, they must continually reevaluate their systems and look for opportunities to adapt and scale.
No two insurance companies approach this process the same way, but a few best practices are emerging that help carriers reduce the total cost and risk of the transformative journey.
“Previously, companies approached digitization with an all-or-nothing attitude that may check off every item on their wish list, but not without high upfront costs, complex project planning, and a multi-year implementation effort,” said Leah English, SVP of Sales & Program Consulting, OneShield Software.
“This approach exposed the project to scope creep, project fatigue, and budget overruns. The inability to see the finish line is often the biggest barrier for insurers when it comes to digital transformation.”
There is, however, a more flexible way to implement new platforms that meet the immediate needs of the business while allowing room to add and tweak features without interruption to core functions.
Download Article for five key features of a faster and more effective digital transformation journey.