3 steps to enabling digital transformation in insurance

digital transformation

Talk of digital transformation has taken the insurance industry by storm. Industry leaders are planning digital initiatives and making digital investments. More than 90 percent of insurers in North America, for example, have made becoming a digital insurer a priority.

What that means is another question altogether, and was the focus of “Enabling Digital Transformation,” a Stream Session hosted by Hyland at TINTech 2018.

The roundtable session, featuring Heather Smith, Chief Customer Officer, Liverpool Victoria (LV=), and Stuart Booth, Director of Digital at Just Retirement, featured a great discussion about why insurers are pursuing digital strategies and how evolving technology is disrupting the industry.

3 steps to digital transformation

Here are three key takeaways your organization can employ to enable your own digital transformation:

1. Define what digital means to you

There is an almost universal desire among insurers to establish an agreed-upon definition of digital. Or at least an understanding that the definition differs among insurers, especially when discussing business needs. After all, insurers pursue digital options for different reasons, including efficiency gains, flexibility, new product development, innovation and client centricity.

When it comes to digital, the panel agreed, one size does not fit all.

2. Make a plan

Value creation for digital is not always clear, said Smith, adding that LV= sought clarity first. The insurance company started by defining digital internally, setting priorities and identifying milestones. Next, Liverpool Victoria created its Transformation Academy, which allows employees to share ideas and get training on new digital initiatives.

3. Focus on culture

Another way to embrace digital transformation, according to Booth, is to focus on culture. Just Retirement incorporates digital discussion from onboarding on. As it grows and adds new employees, it shares its digital philosophy.

Getting the right blend of leadership, people and attitudes towards digital transformation is critical to the success of digital enablement overall. As a result, Just Retirement is measuring key cultural attributes and how those attributes contribute to the ultimate success of its digital strategy.

For more on digital transformation within insurance, check out the whitepaper Disrupt or be Disrupted: Clearing the Path to Digital Transformation.

Ralph Severini

Ralph Severini

Ralph Severini is Hyland’s Global Insurance Alliance Manager. He joined the company in late 2010. Ralph’s career spans both the financial services and technology sectors, specifically serving as a Broker, Underwriter and Hi-Loss Claims Analyst within insurance. Previously, he served as Vice President for two publicly traded technology companies, heading up alliances and marketing. He holds Chartered Property and Casualty Underwriter certification and Associate in Risk Management, having successfully completed 16 semesters in insurance. He also has both Master in Business Administration and Master of Science degrees.

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