Comprehensive digital transformation for insurance
Increased customer expectations. The need for simpler, more compelling products. Providing a truly omnichannel experience. The business issues facing today’s insurers, especially issues related to digital disruption, are well known. But demonstrating a deep understanding of digital disruption is not insurers’ primary business challenge.
The real business challenge is this: What are insurers actually going to do about digital disruption? The business wants to respond urgently. IT wants to help, but they’re stuck in a quagmire of legacy technology.
Insurers are grappling with a dual agenda, with mandates to both meet changing consumer demand for innovative digital service capabilities and renovate their existing technology infrastructure. How do insurers bring digital technologies to customers while simultaneously pivoting infrastructure to the cloud and reassessing non-strategic functions?
To move forward, insurers want to:
- Innovate digitally. Digital innovation helps insurers meet customer demand for a positive experience across all channels. To grow digitally, insurers must have digital insurance solutions that facilitate engagement with customers, perform business analytics for more informed decisions, personalize user experience and differentiate their brand. This Comprehensive digital transformation for insurance requires the capacity to both experiment with digital capabilities internally and better accept digital solutions that are available externally from third parties.
- Embrace the cloud. Digital transformation requires insurers to deal with and face the limitations of their existing technology infrastructure. While some digital capabilities can be simply added to an existing technology stack, an essentially digital environment often requires replacing previous-generation technology. Moving to the cloud is an important step in digital evolution, and cloud infrastructure is at the heart of many digital business strategies.
- Become more service-enabled. Concentrating on core competencies and divesting non-strategic functions helps insurers focus their efforts on what they do best. This requires developing a more connected ecosystem with best-of-breed partners and orchestrating services to support business activities.
This path forward does not include traditional systems replacement. Ripping and replacing a policy admin system, in fact, is the very antithesis of the kind of economically prudent, consumption-based approach that digital insurance requires.
Instead, today’s path forward requires something more flexible and with a lower barrier to entry — featuring software, services and infrastructure in one solution priced per policy. This kind of modular approach gives insurers the flexibility to consume the entire solution as turnkey, or the ability to integrate their own existing components, including other policy systems or their own digital engagement platform.
And so, to that end, DXC Technology now offers Digital Insurance as a Service (DIaaS), an integrated, end-to-end solution that seamlessly bundles together DXC’s industry-leading insurance applications, infrastructure and business process services into a single solution with a dramatically simplified pricing structure. It’s a consumption-based approach to digital insurance transformation, making it the ideal fit for insurers adjusting to a more consumption-based market environment.
With DXC’s DIaaS, insurers can launch simplified, consumer-oriented P&C and life products quickly and deliver a streamlined digital customer experience across new business, servicing and claims. They also can tap the benefits of consumption-based, easy-to-deploy infrastructure — effectively eliminating the need for large and lengthy capital-intensive projects and aligning costs with revenue.
DXC brings its deep industry expertise, software and services together with its strategic partners to form a standardized deployment capability. DIaaS is composed of:
- DXC’s OmniChannel Digital Consumer Engagement Platform
- A modern, API-enabled policy administration system, including billing and claims
- A robust, externalized product configuration, rules and ratings engine
- Data analytics providing insights for the creation of tailored customer offerings and better understanding of risk
- A comprehensive deployment environment encompassing cloud compute and storage, secure networks, API gateway, cybersecurity, disaster recovery, business continuity, and more
- 24x7 operations support for all aspects (application, infrastructure, cybersecurity)
DXC engages with insurance organizations as a strategic partner, guiding their digital transformation and supporting them with systems and capabilities required to address the preferences of policyholders, transform core business processes to improve operational efficiency, facilitate new business model implementation and add incremental value throughout the value chain with data-driven insights.