Enable an ’Externalized’ Organization to Tap Into the Business Ecosystem
Business is on the verge of a major shift characterized by the externalization of technology in which information and services become usable by any person or machine, inside and outside the organization. For insurance CIOs to drive this shift within their own companies, they must liberate their organizations from the burden of managing assets that consume a disproportionate amount of budget, time and resources but do not contribute to differentiating value.
Individuals increasingly use information technology to expand their horizons, become acquainted with new people the world over, gain unrestricted access to an oasis of information, and collaborate in powerful, unpredictable ways. The younger generations, in particular, consider technology to be a ubiquitous asset that they can combine at will to create their own solutions.
As insurance customers, individuals want to be able to compare features and prices as well as learn from multiple carriers while creating their own unique products. Interaction with insurance carriers — whenever and however suits the customer — improves the overall quality of the relationship. Seamless and compelling methods of accessing product and account information are expected from customers, and the slightest delay or irritation may drive consumers to the next carrier.
As new opportunities arise more rapidly than ever before, organizations must be able to sense crucial events in the business ecosystem and respond efficiently. To succeed, organizations need to freely connect to the outside world to transact and also to interact. This encourages unique, new ways to collaborate and co-create, align and combine technological capabilities, explore new sales and delivery channels, and unleash the potential of collective wisdom.
CIOs will need to deploy solutions around seven technology clusters:
Your Experience: Focus on introducing a new generation of user-interface technologies and Internet-based collaboration platforms that make for a compelling, highly individualized experience.
Transition to Interaction: Organizations and individuals are shifting to participation in a steady, continuous rhythm of learning, experiencing, creating and collaborating for business innovation where markets, players and consumers constantly shift positions.
Processes on-the-Fly: Processes increasingly are assembled by orchestrating the building blocks of underlying services. Organizations will change their processes in near real time to reflect and accommodate changes in the business ecosystem. Information systems will consist of fine-grained, configurable services that can be freely composed and orchestrated into new solutions.
Thriving on Data: Detailed insight into crucial data is necessary to navigate a constantly changing, information-rich environment. Enterprises will succeed by connecting data to their strategic objectives in order to generate advantages.
Sector-as-a-Service: Focus on differentiation by providing standard and nondifferentiating business services on tap. This is achieved through little-customized implementations of standard software, through the generation of systems out of reusable industry reference models, and through stabilizing and then service-enabling the existing legacy systems.
Invisible Infrastructure: Use virtualization, grid and automated management technologies to deliver infrastructural services — including all facilities to securely capture, store, exchange and process information.
Open Standards and Service Orientation: These are key elements that underpin the other technology clusters, making this a virtual or meta cluster.
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Introduction
Doing 'More With Less' Requires Selective IT Spend Targeted at Short-Term Gains
Focus investment on short-term cost reductions and/or customer experience enhancements, suggests Deloitte's Joe Guastella.
Insurers Need to Leverage Systems Flexibiliy in Changing Competitive Landscape
Esurance CIO Phil Swift identifies greater systems flexibility and a more customized Web experience as keys to remaining competitive in 2009.
Pursuing a 'Common Currency' in Partnership With the Business
Accenture's Michael Costonis describes 3 strategies in the quest for measurable value.
Succeeding With Out-of-the-Box Solutions
Insuresoft's Brown says insurers will utilize out-of-the-box solutions to extend processing and servicing capabilities.
Equipping the Field to Improve Service
Agents empowered with systems and devices are in a unique position to deliver increased value to the firm, says Microsoft's Bill Hartnett.
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