DIGITAL TRANSFORMATION
experience , improved pricing , real-time notifications , targeted offers – will be much easier to achieve .
“ The capabilities event streaming makes possible are profound , from enabling realtime claims notifications to omnichannel policy quotes and friction-free customer service touch points .”
Digital transformation : what insurers must consider While data streaming represents an effective way to introduce digital processes without impacting the human-insurer relationship – it cannot be denied that this is a consideration insurers have when the word digital springs to mind .
And it certainly isn ’ t the only one . Guidewire ’ s Schoenauer says insurers ’ first port of call is “ to decide why they need to innovate in the first place ; digital transformation without a plan serves no purpose at all .”
He continues : “ Insurers must also think about the technology platform that already provides a curated marketplace of preintegrated solutions and consider whether that works for them . Cloud-native solutions , for example , mean fewer siloes and increased opportunities for cross-functional collaboration , which serves to streamline the insurer ’ s internal systems and make their processes more efficient .”
But above all else , it ’ s a clear idea of what an insurer needs that should inform its decision to leverage technology of any kind for digital transformation . Should they choose the path of transformation , insurers must find , evaluate , curate , and select the right insurtech for their needs . As Schoenauer reaffirms : “ Insurers must have a clear idea of the reason behind their drive to innovate .”
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