In order to ensure success with intelligent solutions, insurers need to think boldly and invest prudently. Here are five critical steps to get it right.

In my previous posts of this series, we talked about the potential of intelligent solutions and the different dimensions insurers should consider as they mature their approach to deploying these capabilities.

While our Process Reimagined survey shows great results for insurers deploying them at scale, most carriers are still holding back. In our Technology Vision for Insurance 2018 survey, a majority of insurance executives (70 percent) admitted that artificial intelligence (AI) is advancing faster than their organization’s pace of adoption.

In order to keep up with the rate of evolution and drive the most value from intelligent solutions, insurers need to let go of the “wait-and-see” approach and start thinking boldly.

Here are five steps to successfully reimagining insurance with intelligent solutions:

  1. Create a digital strategy that evaluates intelligent opportunities, prioritizes them against return on investment and defines a clear development plan.
  2. Build an intelligent operating model with a new infrastructure of talent, skills, processes, governance, vendors and organization.
  3. Make sure there is an expandable core technology architecture that can make intelligent use of software, data and cloud capabilities.
  4. Take an outcome-driven portfolio approach that paves the way for new services and process experiences for customers, agents and employees.
  5. Define value measurement for intelligent solutions with the same rigor as other capital investments. Track results closely and share them in order to deliver more value to the business with future projects.

Getting these five steps right will enable carriers to not only act boldly, but to invest wisely. Intelligent solutions have a proven track record of delivering the speed and efficiency insurers need in a digital world.

The time to invest in them intelligently, and reimagine the insurance value chain as we know it, is now.

If you are looking to take the next step in deploying intelligent solutions, you can contact me with your comments, questions and feedback.

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