Insurance Evolution: Achieving Competitive Web-based Product and Service Delivery
Outline for success - Key components in a comprehensive plan:
With the opportunities and challenges outlined, the following recommendations are made and should be included in the company's overall business and technology strategy in the insurance organization:
Develop a company strategy that is driven by business objectives and does the following;
- Meets the current and future needs of the product and service model
- Reduces true cost of doing business
- Manages the risk of new technologies
Develop business application technologies with easy navigation but good security, essential for servicing agents and consumers
Establishing a comprehensive plan that ensures all business application components will compliment one another in developing an integrated solution for agents and consumers
Establish an implementation plan that meets the company's objectives while managing the company's risk for change
Create an open-system environment that allows for use of application service providers (ASPs), purchased software and proprietary software to ensure that components can be interchanged without high cost and business interruption
Plan and create an application portfolio that is based upon newly modeled business process flows and highly integrated systems utilizing business intelligence, thus requiring minimal need for human decision-making interventions
Plan for and develop applications and supporting infrastructures that readily comply with regulatory requirements such as Sarbanes-Oxley, The Freedom of Information Act, etc.
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