We believe the insurance industry is poised for transformation. Unfortunately, the industry as a whole is ignoring real transformation. Insurers have been able to go at its own pace, its own direction and minimize the impact of the outside world onto it's inside world. While many an insurance executive has claimed that they have embraced change, when you take a closer look what you'll find is that what most have embraced is the idea of change -or bracing for change with technology. The answer has been to lay new technology solutions on top of old brittle business and IT environments, that are not bring the business value and results the investments proclaimed. And as the world changes around the insurance industry, this approach is truly not the answer.
From a technology perspective, across all segments, we have witnessed technology maturing at light speed, from hardware, software, and applications to a level where deployment is possible with the full capability for technology to be fully applied & woven into the fabric of business and society. Just like in other industries - - the new generation of customer and employee expect and want, Web 2.0 capabilities, instant messaging, on-line chat, blogs, mobile technology and alerts, and advance web portals for all inquiries, service requests and processing. Technology is mature, complex, and robust and is ready to around business process management, service oriented architecture and business intelligence. All of these playing a significant role in enabling strategies and business transformation. High success rates of technology investments aligned with business needs are a must. IT must be driven from the business perspective. All are a reality, all are being used successfully across many industries and all are primed and ready to support the transformation of the business of insurance.
What do you think?
· Is the insurance industry ready for transformation?
· Has technology reached a maturity level ready for mass exploitation?
· Can SOA with BPM transform the industry?
· Will the business community ever understand the power of SOA and BPM and other technology ready for consumption?