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The Many Facets of Insurance System Modernization

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6 March 2022
Nicolas Michellod

Finding the Right Color Through the Prism

Abstract

Legacy and ecosystem transformation remains at the top of insurance CIOs’ agendas. However, the approach to tackle this major topic is often not obvious. Many underestimate the importance of the preparation work that needs to be done before even looking at the pure technology elements.

In our experience, the major reason why insurers modernize their systems is to make their business more digital.

Domain

Traditional Insurer

Extremely Digitized Insurer

Customer experience

Periodic

Continuous

Value proposition

Event-driven

Actively managed

Pricing

Tiered

Utility- and behavior-based

Capabilities

“Everything at scale”

Specialist

Orientation

Process

Data

Even though the perception and definition of “beoming more digital” often differs across CIOs, this continues to be a major objective for many general and life insurers. In less than 20 years, we have seen digitalization in insurance take many forms.

This report is the fruit of multiple consulting experiences as well as frequent discussions with insurance CIOs and architects. It is aimed at providing our recommendations on key questions that we believe are essential to insurers planning to modernize their system landscape to become more digital.

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