Anand Vyas, head of banking, financial services and insurance at software quality specialist SQS, has recommended five digital transformation tips for life insurers.
Speaking to Life Insurance International, Vyas said the five digital takeaways are for life insurers seeking to meet the requirements of modern day consumers, as well as those wishing to embrace emerging technology trends – while reducing the risk of failure.
Vyas’s five digital transformation tips for life insurers include:
- Create a strategic roadmap and business case
- Understand demand and business requirements
- Analyse applications and business capabilities
- Adopt a risk-based testing approach to implementation
- Take an agile approach
For example, in understanding demand and business requirements, Vyas said by having a grasp of current systems and the demands placed on them now and in the future, insurers can assess whether a complete transformation is needed or if an existing legacy system can simply be upgraded.
As for creating a strategic roadmap and business case, Vyas said: "Whilst there is a tendency to rush into the functional specifications prior to a detailed business requirements analysis, the first stage in any digital transformation project should be a thorough evaluation of the true business requirements and what the end goals should be. This helps errors and gaps being discovered later on during the implementation and testing stage."
Vyas added: "The pace of change with technology is unlikely to slow down. Life insurers need to keep up with this and implement robust procedures to not only smooth the transitions happening now, but those untold around the corner."