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How Well Is Your Business Integrated – Accenture report

Article Synopsis :

The complex web of silo-driven business systems and processes results in inefficiency and slow growth. For insurers, the ideal scenario is to be able to integrate multiple business systems, both legacy and new, into a seamlessly connected customer-centric platform.

 The Digital Insurer reviews Accenture’s Report on How Well Is Your Business Integrated

Moving from silo to being connected will be critical to insurers’ success

In the report titled “How Well Is Your Business Integrated”, Accenture present a framework to identify and remove all the redundant systems and processes which have been incorporated into an insurer’s business as a result of working in silos. The report suggests four key business connection points that are needed to fuel profitable growth in insurance. As noted in the report, the silo-free insurer:

  1. Is connected to its customers
  2. Embraces an operating model that connects its people and processes
  3. Connects its data and information
  4. Connects its products and services

Accenture also recommend five areas of focus while beginning the transformative journey to become a connected, silo-free business:

  1. Establish a customer-centric strategy
  2. Create the operating model and governance that link the business internally and to its customers
  3. Dismantle operational silos so everyone at the insurer works together under a redefined operating model
  4. Become digitally and analytically mature
  5. Deploy integrated, multi-function shared services where applicable across the business

Digital Insurer's Comments

 Complete integration and connecting all aspects of an insurance business will not be an easy task, but the early starters will be highly rewarded.  Seamless integration will not only reduce redundancy, but will also help guarantee that every part of the business is working towards the same goal of customer value creation, efficiency and profitability. Creating an efficiently integrated and connected business can bring about significant cost savings and better productivity ultimately leading to:

  1. Business agility and process efficiency
  2. Real time visibility
  3. Digital savvy, uncomplicated IT systems
  4. Reduced customer churn 

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