Preparing for Digital Transformation

Report Summary

Preparing for Digital Transformation

Mitch Wein
Head of Financial Services CIO/CTO Advisory
Steven Kaye
Head of Knowledge Management

November 2014 - The business model and economics of the insurance industry is changing rapidly in response to continued digitalization.

In order to survive and thrive as we move into the late teens and 20’s, future CIOs need to facilitate and support business transformation efforts to ensure an effective digital channel to the customer that is fully linked to all of the insurer’s back-end business processes and technologies.

Digital is far more than replacing or upgrading technology packages or infrastructures. Digital Strategy means re-examining all aspects of customer engagement and company operations in the light of modern information and communication technologies.

Success can only be achieved by ensuring that all elements of the business organization are aligned in a way that achieves a delightful customer experience using digital touchpoints in an omni-channel environment.

The complexity of concurrent business and IT transformation ensures a long and difficult evolution of the business and revolutionary change in order to guarantee the outcome.

Based on the direct experience of our principals and Council members, Novarica offers CIOs this checklist to consider their readiness to embark on this critical transformation.


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