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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

Library: NTT Data – A digital roadmap for a comprehensive transformation in life insurance and annuities

Executive summary:

“In our experience, the end-to-end transformation of a life insurance and annuity company should be executed through a unique human-centred design approach to digital assets.”

 The Digital Insurer reviews NTT Data’s Report on A digital roadmap for a comprehensive transformation in Life Insurance and Annuities

Put people at the centre of digital

Victor Velasco – head of life, pensions & investments at NTT Data insurance EMEAL

The insurance industry is constantly changing , which is why insurance companies are forced to face different challenges and adapt to new customer needs. To improve the consumer experience, generate added value and achieve internal transformation , companies in this sector must be increasingly agile in all their departments, ensuring efficiency in all company operations and improving product development .

This transformation must begin by adapting to the new type of client, the expert client, who today demands digital results and solutions.

It requires the definition of a strategy with a long-term vision, emphasising those actions to be developed in the short term . In a rapidly changing market, it is more important to take small steps than to change sharply at all levels. This will provide the company with more flexibility and scope to refocus strategy throughout each change.

Simple and efficient

The end-to-end transformation of a life and annuity insurance company must be executed through a unique human-centred design approach to digital assets. Simplifying and being efficient is part of the main objectives pursued by insurers in order to avoid those processes that do not add value to the company.

It is very important for a company to know which activities or processes can be outsourced, and to know how to distinguish those activities that are essential, focus on the main tasks, promote growth and ensure internal transformation.

How to digitise a life insurance and annuity company

Digitisation is transforming the relationship and interaction between insurers and customers, employees, partners and ecosystems, betting on this new model. Before implementing it, every organization must take into account certain key aspects that accelerate this transformation from start to finish.

For example, using standardised digital assets to standardise operations, improve time to market for products, or reduce development cycles through shared and multiple assets.

It is crucial that digital assets have real impact and align their goals with market trends . New customer needs arise and insurers must meet these demands through a segmented journey with an omnichannel vision. Likewise, it is advisable to establish a relationship model between the channels and the client, through automation, self-management and digital onboarding .

We must also take into account the evolution of liquid insurance ecosystems, being very important the ability to connect and collaborate with partners around the world through a simple process to accelerate and achieve strategic objectives. It is possible that if we did it alone, it would take us much longer or require a much greater number of resources.

See the full report for more…

Link to Full Article:: click here

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