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Facing the digital “big bang” – BCG Technology Advantange Oct 2015

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Article Synopsis :

Digitisation continues to reshape the business world and technology excellence is a critical differentiator with the growing pool of digital customers.

 The Digital Insurer reviews BCG’s Report on BCG Technology Advantage - Facing the digital “big bang”, October 2015 issue

The print-to-digital ‘big bang’ transforming the media industry is also impacting insurance

The recent issue of “BCG Technology Advantage” addresses many of the issues leaders face, with specific articles on:

  • Developing software at the speed of the cloud
  • Banking on the cloud
  • Large-scale IT projects
  • The proactive CIO
  • Digital insurance for the long tail
  • Getting fit for transformation
  • How to avoid the big bad data trap

The featured interview, with Andrew Lam-Po-Tang, CIO and CTO of Fairfax Media, discusses his efforts to make Fairfax a ‘digital first’ enterprise by creating a demand- and customer-driven technology function. Two other interviews with Frans van der Horst, CIO of ABM AMRO, and Steven Mendel, CEO and cofounder of the UK-based Bought By Many, a free, members-only service that helps people find niche personal insurance, discuss innovative outsourcing arrangements and innovative business models respectively.

In two articles, BCG articulates how the cloud can be used to:

  • Smash functional silos
  • Build living software
  • Embrace automation
  • Connect with customers

To ‘get fit’ for transformation, BCG asserts leaders must answer three questions:

  1. Which specific capabilities are needed to support the transformation? Different types of transformation require different strengths.
  2. How good are my capabilities today, and how good do they need to be? Organizations should identify where, and how much, muscle is required to reach the desired target.
  3. What is the right way to improve capabilities? Leaders must define a manageable set of clear, outcome-focused initiatives to improve capabilities in the areas where they are needed most.

To avoid the ‘big bad data trap’ (thinking the data are of better quality than it really is), BCG recommends:

  • Identifying the opportunities
  • Determining the necessary types and quality of data
  • Defining clear targets for improvement
  • Building the business case(s)
  • Rooting out the causes of bad data
  • Assigning a business owner to data
  • Scaling what works

Last but not least, Did you know the odds of delivering a large-scale IT project successfully are roughly one in ten?

Link to Full Article:: click here

Digital Insurer's Comments

To survive and stay relevant in the digital economy insurance carriers need to shift from product marketers to experience creators, as failing to deliver a positive customer experience will result in disinterested,  disengaged customers.  Non-customers.

Shrinking the distance between carrier and customer is key. Carriers investing in more diverse data sources and deeper analytics, from mobile handsets by and large, will be better positioned to develop a more nuanced view of customers, channels and products. In turn, they’ll also be able to deliver a better customer experience.

Link to Source:: click here

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