Digital transformation is basically about shifting power to the customer, facilitating a personalized customer experience and enabling distribution of products and services to anywhere, at anytime.

Let me give you insurers out there some advice when it comes to transforming into a customer driven enterprise.

First of all, realize that despite the use of the word ”digital” this is not a concept isolated to IT. It isn’t enough to revamp your internet presence or provide your existing products and services through an iPhone app.

Second, understand your business model and identify what need to change and to what extent. Don’t underestimate the complexity of aligning your market, service and operating models. This is, after all, where your key driving force derive from.

Third, review and assess your product portfolio. The insurance industry is marked by ancient industry traditions, tight financial legislation and relies heavily on historical statistics when it comes to product composition. Don’t be afraid to think outside the box, but stay in control of the element of risk that constitutes the core of all insurance products.

In order to successfully carry out a transformation like this, I believe a critical success factor is to embrace a holistic and coherent approach.

This is where I and my peers, i.e. enterprise and business architects, come in. We have the necessary skill set and tools to facilitate and enable your digital transformation. We are at your disposal…