By: Alexandra Foster, Director: Insurance, Wealth Management and Financial Services at BT
Some insurance brands have found the journey to a digital workplace relatively easy to manage. But for many others, this hasn’t been the case. Adapting to this need for sudden change has presented numerous complications, especially if their overall approach hasn’t been cloud-based.
Reasons include being more encumbered by legacy software, system environments and associated problems around data security.
The times are changing, the challenges are not
The recent pandemic has meant that insurance companies in particular have had to react at speed, but still within the confines of their customary caution. Caution that’s essential when dealing with vast amounts of highly sensitive wealth and health data.
The shift to a digital workplace means insurers need to build resilience and flexibility into their operations, along with increasing use of new technologies such as artificial intelligence (AI) and Internet of Things (IoT) – sales, service and contact centre staff must be able to collaborate efficiently and effectively. Data security is paramount. The combination of higher claims and lower interest rates is placing intense focus on margins, so cost is a key factor. Customer expectation for consumer-level digitisation is adding pressure, as is the need for contact centres to integrate with the online experience.
Migration to a digital workplace isn’t helped by sprawling legacy system environments, some of which are decades old and are no longer supported by the original manufacturers. But those systems are still linked to existing products, like life insurance policies, and must be maintained.
So, at a time when lengthy and complicated migration programmes simply aren’t possible, how can insurers deliver a smooth transition to a managed platform that cuts costs, secures data, optimises operations and delivers productivity gains – at scale and at speed?
Meeting challenges head on
If large insurers are to benefit from digital workplace transformation without placing extra pressure on already over-burdened IT departments, they need simpler solutions that offer:
• Seamless migration to the cloud without disruption or risk
• Reduced costs, improved operations and rapid ROI
• Managed adoption for users
• Flexibility to grow and demonstrate long-term value
• Enhanced customer experience
• A basis for building relationships direct with the customer – a vital area of growth for insurers.
Flexibility and choice, without disruption and risk
For best practice to an integrated approach to migration means that legacy systems and varied infrastructures can be easily managed to create one seamless national/global structure that’s secure, collaborative and cost-efficient.
Insurers should therefore look to partner with an ICT provider that can help them connect smoothly and securely to the application standards they need to interact with aggregators and the bigger brokers. And a provider that has a wealth of knowledge and expertise gained from defending its own network and data to the insurer secure theirs.
Creating a compelling business case
Additionally, insurers should look to partner with an ICT provider that is able to offer innovative commercial models to better help the insurer manage their costs as users migrate to new platforms. For example, a single global price per user, instead of a bulk licence, lowers the immediate capital spend and allows the cost of migration to be scaled and managed effectively: only paying for what is use.
In this way, the insurer can realise and demonstrate return on investment more quickly, allowing a clearer view of the value and a stronger business case for future transformation.
Boosting adoption across the business
One of the major keys to success is actively helping the business’ people make the most of collaboration and digital services.
By using an adoption management approach that focuses on a persona methodology ensures each member of the workforce gets the tools and support they need to work well. As often it is only once users understand how much these solutions can improve their working lives, they are very quick to embrace them.
Another key component is keeping the user experience consistent across the entire platform, with a choice of vendors as part of the ecosystem. This means being able to tailor the experience for each user – and by using standard APIs, an insurer won’t have to waste time on integration.
The real value comes from the end user experience
In short, global insurance organisations need to be able to flawlessly migrate to a digital workplace, get rapid uptake from their users and demonstrate the value of the investment as quickly as possible. And, with the right ICT partner that is able to deliver solutions that support rapid adoption, a fantastic user experience and rapid returns, these insurers could be demonstrating the value and saving money up to 80% faster.
