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Building a Code Halo Economy for Insurance – Cognizant white paper

Article Synopsis :

The term “Code Halo” refers to the digital information that encircles people, processes, organisations and devices.  The key to cracking the code for organisations and indeed insurers is the ability to distill meaning from the plethora of digital information that exists.

 The Digital Insurer reviews Cognizant’s Report on Building a Code Halo Economy for Insurance

Code Halos are everywhere, it’s the ability to get meaning from them that counts

In the white paper “Building a Code Halo Economy for Insurance”, the Cognizant team boldly state that “companies that believe that they are immune to the changes imposed by accelerating digitisation run the risk of becoming irrelevant, or worse, instinct”.  They go on to discuss how insurers can identify value creation opportunities in the new Code Halo economy and jump start their efforts to “win the code rush.”  They also argue the need for insurers to reinvent enterprise processes and reshape the customer experience.

As outlined in the white paper, the transition to Code Halo thinking for insurers entails a mindset shift characterised by the following:

  • Everything is data, and data is everything.
  • Making meaning from data is the new competitive frontier.
  • Digitization requires new and innovative business models.
  • Prediction and prevention trump compensation.
  • Personalize experience and service using data insights.

The white paper then identifies six types of Code Halos that are relevant to insurers and that have the potential to reshape the organisation and place it on a trajectory towards delivering superior business results:

  • Customer Halo
  • Risk Halo
  • Product Halo
  • Employee Halo
  • Partner Halo
  • Enterprise Halo


The white paper also highlights how  it’s necessary for insurers to understand the dynamics of Code Halo thinking and presents a 5 stage Crossroads Model with different action items as a prism for understanding the industry’s transformation:

  • Ionization: A fertile context for innovation
  • Spark: Where Code Halos collide and businesses change
  • Enrichment: Turning a Spark into a blaze Key Actions
  • Crossroads: Where markets flip
  • After the Crossroads: Winning the code rush

Based on this model, the white paper provides some relevant examples of insurers who they term as “Code Halo incubators” who are on a trajectory to convert early-mover advantage into market ascendancy.

The final part of the paper identifies six challenges that insurers must overcome on their transformation journey:

  1. Influence and change perceptions
  2. Build an effective partner ecosystem
  3. Identify the “white space”
  4. Make core processes smart
  5. The gamut of smart devices in the interconnected world could affect the basis of settlement
  6. Work around the security

Link to Full Article:: click here

Digital Insurer's Comments

The way digital is embedded in and around customers and within enterprises is disrupting the traditional business model like never before. When customers or brands search, share, tweet, recommend or make a purchase on the web, they create a unique digital footprint.  Insurers who harness this digital information web around customers, the enterprise, channels and devices in a meaningful way can  be better positioned to compete and thrive in the digital age. The key to success lies in re-imagining these information halos, and applying them to develop customer-centric products and services. We believe that with the help of emerging technology like big data and analytics, this reinvention can be relatively easy for insurers as they already possess huge piles of data, capable of delivering real insight to apply code halo thinking.  In our view, one of the key challenges lies in the identification of and enterprise-wide implementation of  robust technology solutions that supplement code halo thinking. 

Link to Source:: click here



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