Greater collaboration needed to maximise the value of technology

IT executives in the insurance industry need to team up with their business and marketing peers in order to maximise the value of technology, according to the Deloitte Insurance Tech Trends report.

The study claimed IT had already established itself as a critical component in many business processes. It said IT was a key enabler in operations such as claims, underwriting and billing which are now being handled electronically.

It added, however, that the responsibility of chief information officers (CIOs) has evolved and is now more about spawning game changing ideas through technology which will give the business a leading edge.

Deloitte said the industry was now looking to other industries to see how data and analytics solutions could be used to improve customer service.

The report quoted CUNA Mutual Group CIO Rick Roy who said: “We don’t win on price or product, we do win on delivering a great direct-to-consumer brand experience... We win on data insights as to who and how we are offering our products to that market.”

Piyush Singh, CIO of Great American Insurance Group’s P&C operations, added: “It is important that the CIO be accessible to other executives and reach out to them proactively to understand their opportunities, their challenges and their aspirations. He/she needs to become a trusted business partner and advisor.”