4299 Altus Insurance Whitepaper FINAL SPREAD - Flipbook - Page 33
A move away from disruptive change
Business leaders need to take a di昀昀erent, more
thoughtful approach to modernisation:
• Any modernisation programme has to start from
a solid baseline, requiring strong technological
foundations.
• Remember that technology isn’t always the answer
– business capabilities in the shape of people and
process also support the broader strategy.
• Remove siloed thinking by looking at process across
functions and domains – making improvements
in one area of the business can have a negative
impact elsewhere.
• Communicate the value of the modernisation.
Establishing a North Star enables the organisation
to communicate when, how and why the
modernisation will take place.
• Finally, don’t feel pressure to do too much, too
quickly – modernisation is an iterative process.
Transformation projects have put many of those
capabilities in place, but they can’t be utilised
e昀昀ectively, and business leaders have been burned
by a belief that technology is the answer to all
operational problems. The failure of transformation
projects means that digital tools are increasingly
seen as part of, rather than the complete answer, and
there is a growing understanding that any investment
in underwriting – or claims, marketing or 昀椀nance,
for that matter – must be connected to the wider
business architecture and strategy.
The mindset of the sector – including both
incumbents and start-ups – is shi昀琀ing away from
wholesale, disruptive change towards a more
considered and targeted approach, one that turns to
technology to support on speci昀椀c needs, rather than
depending on it to function.
It is by taking this track, with a curiosity to explore
alternatives, that insurance will realise the true value
from the billions already invested in transformation
programmes.
How the Chief Exeutive O昀케cer can enable underwriting modernisation
and support underwriters more broadly – these are 5 ways...
Remove siloed thinking,
ensure you look at
process across functions
and domains – improving
one area can be
detrimental elsewhere in
the organisation
To modernise
e昀昀ectively you need
to start from a solid
baseline, requiring
strong technological
foundations
1
2
Technology isn’t the sole
answer –your business
capabilities must support
your strategy
3
Don’t do too much
too quickly –
modernisation is an
iterative activity
4
5
Communicate the value
of the modernisation –
a North star approach
enables an organisation
to communicate
the pathway of
modernisation activity
Figure 6.1: Insurance CEO takeaways
33
