How do insurers capitalise on the big data trend and realise the benefits of a digital strategy whilst challenged with legacy operations and systems?
Digital leaders are those who build businesses that transform value, revenue and performance through fundamentally changing the customer experience. It is not about making minor amendments to existing processes but making radical changes to the way an organisation does business to generate value.
Digital leaders are perceived by consumers as organisations that understand customer behaviour and continually developing and evolving their engagement process. They focus on opportunities to develop their business that generate value and develop the supporting infrastructure to deliver the value.
Data is key to achieving this transformation. Data and customer knowledge needs to be captured and used effectively. It needs to support and inform the customer journey, and support processes such as risk rating and pricing. Informed thinking through data enables insurers to automate business processes and improve speed to market for new products and services.
But how do organisations achieve this desired state? Particularly when hampered by a network of legacy systems and processes that feel anything but digital. Insurance companies do not need another administration platform. They need solutions that transform the business, deliver innovation and support the business objective for profitable growth through delivering customer experience and improving efficiency.
SSP work with customers to automate their business to improve productivity, remove inefficiencies and enable engaging customer interactions. SSP develop and implement digital processes that enhance the customer experience, for example through enabling the faster introduction of competitive products and services that generate value and attract customer business.
The ability to interrogate data in real-time is essential to enable broker and insurers to underwrite their risks. Too late after the event if you are not operating and making decisions based on real-time information. SSP sources data in real-time and sources data from a wide variety of sources – complementing insurance specific data with market and financial and specific source information to provide a full picture.
But how to realise the value of this information using legacy systems. Organisations need to transform their systems in-line with their transformed thinking. But rather than take a high risk “big bang” migration approach, far better to take an “enhance and evolve” strategy where the company controls the systematic migration of individual systems to a timetable that works for them.
SSP have a track record of modernising and integrating numerous legacy systems whilst supporting business continuity on the existing systems as the implementation is undertaken. And it can be completed in surprisingly quick time, enabling organisations to realise the considerable benefits arising from delivering a data-driven digital strategy.
About the Author
SSP is a global provider of technology systems and solutions across the entire insurance industry, using our expertise to enable our customers to transform their business and increase their profitability. SSP provides core technology solutions, distribution and trading capability, advanced analytics and solution delivery. We work with 8 of the top 10 UK insurers, 4 of the top 10 global insurers and over 40% of UK Brokers. Our unique position in the market, including the largest market share of UK e-trading, enables us to provide leading data insight and unrivalled distribution. Our knowledge, talent and technology capabilities deliver innovative results that make us the partner of choice for our customers.
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