For many years insurance companies have operated as companies within companies, each with its own databases, functions and processes. Such organizational silos no longer serve insurers, particularly in an environment where customer demands, regulations, new competitors and profitability pressures compel them to be more agile, efficient and innovative.
Insurers need to make four key business connection points to truly operate as an integrated company and fuel profitable growth. The silo-free insurer:
- Orchestrates multi-channel interactions that connect it to its customers.
- Embraces an operating model that connects its people and processes, enabling continuous and more intelligent interaction handoffs—internally and externally.
- Deploys technology to connect its data and information and allow them to move fluidly throughout the business.
- Uses shared services capabilities across the enterprise to connect its products and services for more efficient, effective service delivery.
Next week, I’ll suggest five focus areas for insurers in becoming an integrated business.
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