5 Things to Consider When Evaluating New Technology
In my blog last week, we discussed the changing – and challenging – insurance technology landscape, and how insurers need to prepare for new and emerging technologies by effectively manage the complicated technology landscape they have.
As we look forward to 2019 and beyond, I wanted to break down the 5 things that insurers need to think about as they build their technology ecosystem.
1. Evaluate each technology to understand the value
Before investing in new technology, step back and consider how it will bring value to your operation. To thrive in this time of rapid change, insurers need to establish a solid decision-making process, and then do a thorough investigation with a proof of concept of these technologies.
2. Balance the hype with reality.
There is a lot of hype in the market, and one needs to balance the innovation hype with the reality and goals. Start working with new technology in a small project first. Once it is successful, it is easier to showcase and convince the roll out throughout the company. If it fails, the impact is limited, with valuable lessons learned.
3. Think long-term, but develop incrementally and stay nimble.
To ensure a future-proof technology ecosystem, your focus should be on the long-term, and how each technology decision moves you in that direction. Slotting in various RPA solutions to fix an inefficient process might make the process faster short-term, but is not likely to remain the best long-term option. An enterprise low-code platform allows you to rapidly deploy applications – and integrate emerging technologies in short sprints – so you can look for improvement areas on an ongoing basis. Further, this strategy enables you to remain nimble so you can make changes as needed.
4. Focus on process optimization and customer centricity.
Low-code, business process management (BPM) solutions help you achieve your objectives by integrating new technology and existing sources of information to link people, processes and data in an integrated view. The speed of interacting with customers is fully optimized by automating processes in an intelligent way.
5. Use your data while waiting for future technologies.
We still do not know which technologies are around the corner. Where does the tech-elephant go next? Insurers need to make sure they are ready to follow. In the meantime, part of your plan should include making the best use of your existing data. Customer data is like a diamond in the rough. Unlocking it and putting it to work for your business helps you stay ahead of competition by improving customer service, enabling speed to market, and increasing retention.
And, if any of that future tech-elephant looks promising, you know now that you can embed it with ease.
I would welcome the opportunity to discuss this further and share our experiences.
Please feel free to contact me at firstname.lastname@example.org.
Industry Lead Insurance