Accelerating Digital Transformation in Insurance
Welcome
Insurers are currently facing tremendous challenges, as digital transformation means that new products, services and business models are being developed and championed across the value-chain.
We know that these challenges revolve around; legacy systems and replacing existing infrastructure, finding the right partners to handle more data and complex analytics, generating returns, mitigating challenges from new market entrants and meeting ever increasing customer expectations.
So, to surmount these challenges and to maximize the opportunities, insurers need to: prioritise their IT transformation, invest in new areas including mobile, digital marketing, cloud and security, invest in usage-based insurance, new customer interactive options and include off-premises hosting and cloud-based models.
Octo can support insurers in all these areas, and accelerate their digital transformation with its Next Generation Platform (NGP). This uniquely links the characteristics of a horizontal IOT framework with speed and revenue to pre-built vertical use cases.
The platform has a breadth of offering for all markets, and scale of capability to include the world's largest insurance telematics database that enables future defining analytics models to build out assets and technology.
We look forward to working with insurers to demonstrate our NGP's significant benefits and to drive improved efficiencies across the insurance value chain, including better propositions and outcomes for consumers.
Regards,
Gianfranco Giannella
Octo Telematics Content
Digitalization is enabling new products, services, business models and new value propositions across the value-chain. For any insurance company hoping to realize these tremendous opportunities, digital transformation must be at the forefront of their strategy. But those taking these important steps are often faced with several challenges:
- Legacy systems. Replacing existing infrastructure and processes that are embedded deep in the organization can be a burden on resources and a timely process. Furthermore, any transition must have little to no disruption to day-to-day business.
- Complexities. Adopting the right partners and the right solutions that are scalable in design and future-proof at conception. Handling of more and more data being generated by the connected economy, while conducting more complex analytics.
- Realizing return on investment. Generating returns within a short space of time and mitigating risk from new digital centric entrants looking to disrupt the market. Meeting and exceeding ever increasing customer expectations, while increasing the value pool.
To help overcome these challenges, insurers need to:
- Prioritize IT transformation and support with a strong economic business case
- Invest in new areas including mobile, digital marketing, analytics, cloud and security [...]
How to Achieve Digital Business Excellence by Mastering Pervasive Integration
31 August 2017
To make customer experience, IoT, ecosystems, intelligence and IT systems work together, a digital business technology platform must effectively interconnect all these subplatforms at scale. Application leaders should implement a pervasive integration strategy to succeed in digital business.
Key Challenges
- Any digital business technology platform (DBTP) initiative has to tackle a daunting array of integration challenges, but for many digital business leaders, integration is only an afterthought.
- The growing importance of digital business ecosystems is forcing organizations to face unprecedented scale and diversity of integration tasks, for which conventional B2B integration technologies and paradigms are proving inadequate.
- Application teams focused on individual DBTP subplatforms tend to address integration challenges on a small, local scale by optimizing short-term goals in a stovepipe fashion. This attitude may lead to a lack of agility and duplication of efforts, technologies and skills.
- To monitor, detect and react to business moments in an event-driven, business real-time fashion, while engaging their ecosystems, organizations are forced to integrate a variety of application services and data sources within and across the DBTP subplatforms. [...]