During one of the major milestone meetings of a PAS (Policy Administration System) implementation project, the CIO of the client addressed the PAS implementation team. His opening statement was, “Do you know the single most important item that keeps me awake in the middle of the night…” With a short pause he looked at the audience and completed his statement “Data Migration”. It was the early days of our career and we just kept guessing why he singled out Data Migration as his most challenging piece in the complex world of PAS implementations. Years later, working on multiple data migration…
“You can match a blood transfusion to a blood type - that was an important discovery. What if matching a cancer cure to our genetic code was just as easy, just as standard? What if figuring out the right dose of medicine was as simple as taking our temperature?” With these lines, Obama, the former President of the United States, launched the Precision Medicine Initiative on January 30, 2015. The initiative also known as personalized medicine emphasizes the need to have tailor healthcare for each individual, considering individual differences in genes, environments and lifestyles. Today, when a person is diagnosed…
Robotic Process Automation Powers Digital Transformation Insurers struggle with barriers such as duplicate & manual processes, multiple data sources, siloed & incongruent legacy systems, intensive conversations, complex business models and organizational silos. Insurance leaders are discovering new business models created by digital technology to focus their efforts on digital operational excellence and digital customer experience. The key to digital transformation, operational excellence and improving customer experience is to automate workflows, wherever possible. Apart from core business transformation using COTS packages, there is a need to explore the automation potential for manual processes, managed outside of core applications such as, proposal…
Culture eats strategy for breakfast...a pretty catchy phrase and I simply loved it, the first time I came across it. But the next thought was, what does it really mean? And more importantly what would it take to inculcate this or as we popularly say, what would it take ’to walk the talk’? The phrase was coined by Management Guru Peter Drucker. It means that no matter the strategy an organization has in place, the success and benefits of it can only be secured by the effectiveness of its implementation. This is primarily driven by the people implementing it, the…
Digital transformation has brought about accelerated changes in the insurance industry by offering personalized insurance services, connected homes, connected auto, mobile and wearable devices. Amazon and Airbnb have raised the bar of customer satisfaction by offering next-gen services, thus allowing today’s customers demand similar experiences from insurers. Building the Digital Technology Foundation in Insurance The insurance industry has been slow in adopting innovation. As per a leading industry analysis, 74% of insurers lacked internal skills and technology foundation to drive digital innovation. However, now insurers are looking beyond traditional products and services, for simple, transparent products and true value in…
In today’s world everything is getting connected and integrated. From heavy equipment, human beings, factories, automobiles to hospital equipment and bikes, the extent of connectivity has increased dramatically over a span of few years. The technology advancement that has happened in the recent years including sensors, analytics, cloud etc. has helped the world get connected efficiently and effectively in an agile manner. In this pursuit of attaining connectivity, world has undergone a cultural and technological change that is ready to accept things that communicate with each other, things that sense the surroundings and things that predict the future. All this…
Customer Experience Transformation Imperative There are dozens of IT services companies around the world that we compete with today. Many of them, like us, have a full range of IT and IT-enabled services to offer. Application development and maintenance, infra and cloud, testing services, BPO, digital and analytics, are services that appear on every website. Similarly, verticals we support; banking, insurance, manufacturing, telecom, transportation, are not unique either. In such a scenario, a key question that we need to answer is, how are we different? Why should a client select us over the others? The answer lies in articulating why…
As per a 2017 Gartner report, Policy Administration System (PAS) implementation & legacy modernization are few of the key areas that Insurance companies are focusing to improve customer experience and to enable self-service for the policyholders. Insurers are also increasingly leaning towards configurable, rule-based, commercial-of-the-shelf (COTS) packaged solutions like Guidewire InsuranceSuite versus building in house applications. This reduces the implementation costs and accelerates time-to-market. Depending on the number of LOBs, products, and geographies in scope, carriers could save anywhere from 6 months to 2 years with the packaged implementations. In typical PAS projects, software testing constitutes around 25-30% of overall…
During 2017, we saw headlines of RPA projects failing by 30 - 50% and a good insight by HfS Research & Hexaware Technologies (The State of Automation & AI) showing some of the probable causes. My own experience is based on conversations with COOs on their RPA strategy and I am invariably greeted with ‘Yes, we have that under control and everything is going on well’. My next question goes along the line of ‘So your operational budgets must have reduced significantly’ which causes a pregnant silence followed by ‘… Well, no it has probably gone up … but it’s…
A recent survey by PwC reveals that insurance leaders foresee a major turnover at the top of the insurance Industry. 35% of insurers think that ‘the industry landscape will largely stay the same, but players will change substantially in the coming decade.’ Additionally, 44% believe that ‘most existing insurers will not survive, at least in their current form.’ This means that insurers need to work hard to drastically change their current form, to survive and even grow exponentially. A holistic approach needs to be formulated through the following: adoption of a customer-centric business model, from a product-centric model being agile…
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