A new guide launched today by Thoughtworks, a global technology consultancy that integrates strategy, design and engineering, in association with Insurtech Insights, urges insurance organizations to examine new ways to predict the needs of their customers to be prepared for the future.
This is in response to the fact that the ways of working have been built over generations and it is, therefore, essential to re-shape technology infrastructures to better align their offerings to reflect the current state.
Drawing on insights and best practice from business leaders at Aon, Aventum Group, Aviva, Covea Insurance, Legal & General, Generali and Policy Expert, the new paper entitled ‘A guide to building the future-ready insurer’ brings together a clear view of how insurers can embrace the future and upskill people, processes and technology to be fit for purpose, while also protecting their core assets.
Some key conclusions from the guide:
- The widespread sense of urgency felt by many insurance leaders is not always mirrored elsewhere in the organization and therefore there will always be a need to evangelize and break down internal resistance and cultural barriers
- Insurance organizations that have historically operated as siloed businesses must now embrace external ideas, data and ways of working
- In all large organizations there is inherent tension between the ability to act quickly versus the ability to act consistently. Setting up a central team of specialists to drive and catalyze change is highly valued
- Working with external entities has a clear mutual benefit. Particularly when it comes to determining whether teams should work hand in hand, or separately; and if organization realignment of supporting functions is recommended
Phil Hingley, director of financial services at Thoughtworks UK said;
“The key to success to becoming a future-ready organization isn’t abandoning existing characteristics and leaping head-first into sweeping transformations. Quite the opposite, in fact. Instead, many insurers are taking pragmatic steps to make considered, well-planned changes to their already strong foundation of skills and approaches as they progress their organizations into the future.”
One of the defining characteristics of the future-ready insurer is an ability to bridge from today to tomorrow, recognizing that change is constant and a perpetual process. When an insurer is able to establish the culture, processes and technology to not only cope with but thrive in continual cycles of change, may it be considered ‘future ready’.
For more information on how to get a copy of the guide click here.
About Insurtech Insights
Insurtech Insights is a global ecosystem aiming to connect industry leaders and decision makers with innovative startups who are challenging the insurance market, in order to create mutual business opportunities and accelerate growth.
Thoughtworks is a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We are 10,000+ people strong across 48 offices in 17 countries. Over the last 25+ years, we’ve delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator.
Linda Horiuchi, global head of public relations
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