Digital Transformation in Insurance - Verdict Financial Event
Panintelligence will be attending the Digital Transformation in Insurance event on 25th and 26th May 2016. The event will focus on sharing what steps companies in the insurance industry have to take to sustain their business moving forward. Digital transformation refers to strategic and operational change, encompassing the challenges, obstacles and shortcuts. Transformation is not simply investment, it is the end to end process from strategy to employee buy in, investment, interoperability, user education and ultimately, return on investment.
Insurers need to be more effective in the digital space in order to engage with the millennial generation. Insurers can better compete against traditional companies when they take make the effort to build a solid digital platform. Investing in digital tools and strategy can lead to long term gains for the business - a digital operating process has the potential to significantly reduce costs. Panintelligence has been working with companies in the insurance sector for a number of years, including MS Amlin (formerly MSIG), who implemented the Panintelligence dashboard to help them better align the information systems with what the business was actually doing.
Using the Panintelligence dashboard insurance companies can transform claims performance and deliver real insight to users in the business. When Richard Williams joined MSIG as CIO, one of his main challenges was to better align the information systems to what the business was actually doing. This resulted in a significant investment in a data warehouse, which gave rise to a really good store of information enabling everyone to have a common view.
The second challenge was that people were producing reports in an old fashioned style - getting data out of Microsoft Reporting Services, downloading the information into Excel and then manipulating the spreadsheet to present their version as the truth, so behaviour was driven by an individual’s interpretation of the data at any one point in time. It was labour intensive and expensive and people were relying on locally saved versions of the spreadsheets. Want to know how Richard overcame these challenges and delivered strong ROI?