I recently had the opportunity to join a group of insurance thought leaders in a live webinar hosted by the Insurance Innovators team. Our discussion topic was "Insurance in an Automated World", focusing on the impact that new technologies are having on Financial Services and Insurance companies.
Participating in the webinar was a great experience, and a reminder that the new technology landscape can be challenging for insurers. Joining me at the webinar were industry experts from AXA, Covea, so-sure and now4cover, all sharing their perspectives on how automation is transforming insurance. You can see the entire webinar here.
There was lots of great conversation, but one question asked by an audience member, Freddie Coles, really resonated with me. He asked, "How would insurance businesses begin to get involved with this technology?"
Freddie's question is one we hear often in our Appian insurance practice and it's interesting given all of the hype and assumption of insurer capability in this evolving digital landscape.
With the wider adoption and advancement of Robotic Process Automation (RPA), the growing practical application of Artificial Intelligence/Intelligent Process Automation (AI/IPA) and the rapid rise of InsurTechs, what used to be best practice to solve your core system needs has now spawned a larger enterprise-wide need for change.
As I noted during the webinar there is no "standard" or "one size fits all" approach and what we've seen be most successful is an approach that is agile, innovative and adaptable ñ and includes the following steps:
- Determine your transformation objectives and how you will measure success (TIP: Envision how the future will look with this new technology.)
- Align these transformation objectives with stakeholders from business and IT
- Evaluate a low-code technology platform that enables these transformation objectives
- Organize your organization around this new innovative platform and approach (CoE/Change Management)
- Execute in this new agile environment and differentiate!
Interested in having a conversation about your technology journey? Whether you're just getting started or are further along, I'd welcome the opportunity to connect with you. You can reach me at jacob.sloan@appian.com.
And one last note -
We're just a few months away from Appian World 2018.If you're looking to learn how low-code development, robotic process automation, artificial intelligence and other hot technologies can help you achieve digital transformation success, join us in Miami this April.
