According to recent research from Strategy Meets Action (SMA), an independent strategic advisory firm for insurers and technology solution providers, approximately 57% of insurers have some type of digital transformation initiative in progress, yet there is still a lack of clarity about what encompasses a shift to digital and what the best practices are for a company when planning and executing these initiatives.
A significant part of the industry confusion comes from how insurers have typically thought about software - and how it could solve their needs. Historically, core technology was the focus, meaning software that could store data and perform insurance transactions: rating, policy administration, claims management and billing.
Setting the Stage for Digital Change
Appian invited Deb Smallwood, the founder of SMA, to speak on an episode of the AppianTalks podcast series to discuss digital transformation platforms and how they help insurers.
Listen to the conversation as we touch on the need for digital everywhere in insurance companies - and how an iterative, agile technology approach will enable insurers to solve business challenges faster.
Specifically, tune in to learn about:
- How a digital work platform fits into a technology ecosystem
- Filling the gaps in workflow and operations
- Soft requirements - digitizing undefined internal processes
- Creating a collaborative business environment by connecting siloed data
- Reframing the challenge - how to get started with a digital platform
Click the play button below to listen now.
[podcast id="13239121" text="The Need for Digital in Insurance" on Spreaker."]
