- 28 September 2018 15:32
Hyland outlines three technologies supporting the InsurTech revolution
The digital transformation movement affects all industries, and can mean many things to different organisations. In 2018, 90 percent of insurers say they have a digital transformation strategy in place, according to SMA research. But a significant shift within the industry is redefining the meaning of “digital transformation.”
Early on, digital transformation was defined as implementing digital interactions between the business and the outside world – enabling agents with technology and giving them the ability to interact digitally with policyholders.
But an organisation can’t be digital to the outside world unless it is digital within its four walls, says Mark. That means insurers need to embrace a comprehensive strategy across the enterprise to make all internal processes as digital as possible.
As part of the InsurTech movement, many insurers are reevaluating their technology stack. The evolution of enterprise content management (ECM) to content services is a more modern vision to support digital transformation and technology modernisation strategies. Insurers today have a lot more information, and new data varieties they need to manage, than ever before. While former document imaging and capture solutions were good at managing information in repositories, new content services platforms act as a technology layer to serve relevant content when needed.
Prior systems were monolithic and involved large code bases. Content services platforms include different applications and micro services bringing a new, forward-thinking approach to problem solving. These information management solutions will continue to better manage the new types of information and ways of working.
Recent high-profile data breaches place security at the forefront of every executive’s mind. Proper security is especially relevant to the insurance industry because it is a highly regulated market. Every state has different security rules and regulations. In the discussion, Mark mentioned that the U.S. property and casualty industry alone faces more than 10 thousand regulatory changes a year – adding to the risk insurers with poor security face.
When it comes to guidance for security paths to take, Mark recommends reviewing external and internal compliance regulations closely. Take an integrated approach to ensure the data has the right encryption and that only those who should access information can.
It’s obvious that the InsurTech movement is causing some major shifts in the industry, including triggering insurers to think more about digital transformation strategies, content services technology and data security. While there no one approach fits all companies, the most important advice discussed was not to just select the newest offering because it’s cool. Insurers need to think about new ways to address their challenges and solve the issues they’re having.
They need to think about digital transformation, content services and security in the context of their business strategies – which will cause a natural segmentation to identify the right partners, technology and use cases. It can be overwhelming when initiating, but don’t get too frustrated. It will be worth it in the end.