THE IMPACT OF TECHNOLOGY AND HOLISTIC TECHNOLOGY STRATEGY FOR THE INSURANCE SECTOR

1. OVERVIEW

This report details the strategic approach across all IT services of an insurance company (IC) and provides situation analysis, desired stage and a set of strategies, including a long-term view of technology change for moving ahead in the competitive business environment.

2. MAJOR TECHNOLOGY TRENDS IN THE INSURANCE SECTOR

Business and technological competencies needed over the next 3 to 5 years to support the IC’s strategy have been reviewed and explored as follows.
2.1. Automation and Artificial Intelligence usage in insurance.
2.2. Customer-focused distribution channel of insurance.
2.3. The emergence of insurance products suits to sharing economy.
2.4. Growing usage of Mobile apps and Digitization.
2.5. Use of analytics and IoT for better customer experience and higher profitability.
2.6. Greater usage of Big Data and new data Models.
2.7. Increasing usage of value added service.
2.8. Blockchain Technology to reduce fraud in insurance assessment.
2.9. Usage of Augmented and Virtual Reality for underwriting and claim assessment.
2.10. Cloud-based and virtualized infrastructure and applications.
2.11. Changing Customer Experience.
2.12. Cyber security and information privacy.
3. IC’S CURRENT MATURITY AGAINST EACH CAPABILITY

In general, we explored strengths, weaknesses, opportunities and threats related to information technology services along with PESTEL on the external environment of IC. This assessment has been done particularly relating to the insurance industry