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The Beginning of a Beautiful Friendship: How the Insurance Industry Can Partner With IT to Create True Digital Transformation

Security Magazine – by Dr. Sandra Loughlin, EPAM Systems

Although they might seem to be on entirely opposite ends of the spectrum, insurance providers and technology companies have some fundamental principles in common: Both are usually most effective when employing some combination of reacting to people's current needs while anticipating their future ones.

For the most part, insurance companies have operated under roughly the same principles and business models for centuries. When it comes to modernizing their businesses, most have focused on the types of specific small-scale adaptations and integrations needed to keep up with the times – first websites, then social media, mobile apps and so on. But few have undergone the type of true digital transformations that could take them beyond providing simple modern conveniences. Changes in customer expectations and rapid advances in technology and data create an inflection point in the insurance industry. While leading firms have done a lot over the past 10 years to digitize and innovate, there is a recognition that they need to do a lot more quickly. This change must originate from the leadership teams of respective insurance companies. Through IT leadership development exercises, executives and senior leaders can emerge with increased technical knowledge and confidence, as well as a common understanding of the company's technology goals and a unified approach to change.

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