Recording: September 2023
Thank you to everyone who supported our panel session last month, delivered in collaboration with InsurTechNZ. It was an evening filled with insightful discussion, led by architects crafting technology innovation roadmaps for large New Zealand insurers.
Here's what we heard:
• Learn the business strategy. Begin by gaining a deep understanding of your organisation's strategic direction. Explore opportunities for innovation that align with this strategy. It's important to recognise that innovation may not always be possible or necessary, and that's okay.
• Engage stakeholders effectively. Communicate with stakeholders in a language they understand and ensure you gain buy-in for the strategy, roadmap, and innovation.
• Addressing legacy technology is a significant challenge for the insurance industry. Coping with ageing monoliths makes innovation hard. This is where decomposing legacy applications (in stages) can create opportunities to innovate on the fringe. For example, it's possible to set up a direct-to-consumer digital channel built using a low-code platform and send collected data to the core (legacy) system.
• Innovation doesn't always have to have a big 'I', it can also have a small 'i' and add significant value.
• Technology should be a key stakeholder in defining strategy and the roadmap. However, it's not about tech’ for tech's sake. It's about solving real business problems, adding business value, and choosing technology based on how the organisation will operate. This is why it's critical to understand the current operating model and what the future of the business looks like.
• Be experience-led. It's essential to understand what kind of experience you want to offer. Decide the customer journey, who the target personas are, and how they will interact with the technology driving the experience. What is that journey going to look like in two or three years? This should highlight gaps in architecture as well as opportunities to innovate.
• Emerging technologies are being harnessed to drive efficiency, innovation, and enhanced operations within the insurance sector. These technologies can be transformative, but must be carefully considered and made safe. In the case of Generative AI, for example, it starts with finding the right use case. It also helps to partner with trusted vendors who can de-risk the journey. Get vendors to help demystify technology, show the value to the business, and what you should and shouldn't do with it.
• When evaluating vendors and products, focus on whether the solution meets your needs and effectively addresses your problems. Align your choices with strategic objectives.
• Be bold. In a risk-averse industry it can be worthwhile taking calculated risks. Sometimes it's okay to skip a step to advance initiatives far enough to realise value.
If you want to learn more about Solnet, and how we can help you achieve your business goals, please get in touch.
