4299 Altus Insurance Whitepaper FINAL SPREAD - Flipbook - Page 34
Chapter 6: Conclusion (cont.)
Understanding how a business is connected internally
and externally, how it gathers and distributes data,
and how each part of the process feeds into and
supports the next, is fundamental to a successful
modernisation programme.
A clear map of the connectivity of a business, as well
as the IT systems that support it, are the essential
foundations for modernisation, as it will immediately
highlight where capabilities and processes must be
enhanced. While transformation tries to reach its
destination by starting with technology and applying
it to operational issues, modernisation starts with
business needs and plots the path to follow using
people and process, as well as technology.
The task of modernisation
is to ful昀椀l the promises that
transformation made.
Transformation programmes may have disappointed,
but that estimated £15bn investment is not lost. Huge
strides have been taken in digitising insurance but so
far, the job is only half done.
The task of modernisation is to ful昀椀l the promises that
transformation made.
Thoughtful, considered, well-planned and delivered
step by step, the modernisation of underwriting o昀昀ers
insurance the best chance of not just recouping the
value of its investments, but also meeting the shi昀琀ing
demands of customers and regulators, today and long
into the future.
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