At the 2016 IASA conference, held in San Antonio, Texas - Novarica, Erie Insurance and ValueMomentum collaborated to present a session titled Digital Journey: From Strategy to Implementation. Siva Pillai, Client Partner, ValueMomentum, who was one of the panelists in the session shared his experiences as a client partner for Erie Insurance Group. He is working closely with their digital transformation program. In his presentation, Siva shared his insights on the considerations for investing in a digital platform.
When carriers talk about innovative technologies to support their digital transformation program, they usually talk about tactical innovation, which is operational in focus. Tactical innovation can only serve carriers’ short-term goals fulfilling individual technology needs - without contributing to digital transformation happening across the board.
Choose a platform that would support innovations independent of the existing systems
According to Siva, it is important for the carriers to decide on a digital platform prior to embarking on their journey. They must keep sight of their long term digital vision while taking such decisions. Siva stated that if a carrier goes with a product kind of an approach when selecting a platform, they may end up facing challenges in the future. The solution might inhibit them from integrating new channels, devices, or any other modern technologies to support their digital program.
Articulating a solution for this, Siva stated that carriers need to think of a platform, which would provide them with certain base capabilities. Then they can build the experiences on top of the platform. The advantage with such an approach is that the platform keeps the door open to accommodate technologies as they are introduced. Thus, the platform would reduce worry about integrating a new channel or device. Carriers can then concentrate how these channels and devices can be leveraged to provide engaging experiences to their customers, agents and employees. They would be able to concentrate on the business capabilities they want to deliver versus the channels or devices through which they want to deliver.
Ensure your investments made in the core systems can be leveraged
Siva went on to add that carriers’ existing core systems are key to their business and are responsible for managing their back office operations. Carriers cannot run their businesses without them. The investments made on these are huge. However, these systems are usually inflexible and incapable of supporting advanced technologies and dynamic front-end user experience systems.
Providing the technological solution to overcome this barrier, Siva stated that carriers need a component in their existing technology architecture that would enable them to separate their front-end systems from the core system functions. This architectural component would empower them to completely control the experiences without the core systems dictating how the experiences are created.
Carriers can achieve this capability by creating a gateway to the core systems using APIs, which would enable simple access to multiple core systems. The gateway would help carriers to reuse their core systems by enabling access to core system data, transactions, and functional capabilities.
Carriers can ensure their technology investments and accelerate their digital transformation by partnering with a solution provider who can help create this gateway to completely control the front-end experiences - not allowing the policy, billing, and claim systems to influence the user experiences.
WATCH THE COMPLETE VIDEO
If you are inspired by the takeaways of the post and want to learn more, click below to watch the complete recording of the session.