InsurAgility to overcome inertia and lead change
Life insurance companies are facing new external and internal challenges and constraints that put the business under great pressure, as expressed on February 22, in the journey sponsored by i2S. Among the first, the financial context with low interest rates or the new relationship types created with consumers, and, among the second, issues such as legacy systems. According to Rui Monteiro, Head of the European Market at i2S, these are some of the obstacles that prevent insurance companies from taking on the same rate of change as the rest of society.
An example of this situation is the fact that it is common for the launch of a new product to take almost a year, or that only two out of ten insurance companies are ready to launch new products in the space of three months.
In the face of this, in Rui Monteiro’s view, we should focus on the “Insurance basics”: Analytics (data analysis for the purpose of knowing your customers), Business transformation (continuous business change for better adjustment) and Client engagement (because winning a new customer is always more expensive than retaining a current one). However, above all, Rui Monteiro states that “at i2S, when we talk about overcoming inertia and leading change, we talk about InsurAgility, which is speed and stability. Because companies that are quick and stable have a greater capacity to respond and succeed. This is a concept that goes beyond technology.”
Following this analysis, representatives of ACM, BBVA SEGUROS, CNP PARTNERS, METLIFE, MUTUALIDAD DE LA ABOGACÍA, SANTALUCÍA, SEGUROS RGA, ZURICH, Accenture and Altran, together with i2S’ CEO, Gastão Taveira, have shared their points of view regarding the need to reduce the time to market of new life insurance products, even if they recognise this process has already been streamlined.
i2S’ value proposition is to enhance the autonomy of the company’s technical and business team, who would be capable of making changes in the system without having to rely on the IT department.
In bds especial semana del seguro – 23 February 2017