The 22nd century insurer must find digital ecological balance

By now, the idea of digital transformation is old hat. It’s a decision that must be made and a process that must be followed if an insurer hopes to thrive and survive in a constantly changing technological world.

For the most part, most insurers in the industry are plotting a course forward. Paper to digital? Manual to electronic workflow? Intelligent capture? Done.

Except, remember how we just said “constantly changing technological world”?

For an insurer building toward the 22nd century and beyond, digital transformation is far more than a move from paper-based, manual processes to electronic workflow. It is now simply the first step toward true digital evolution.

So while we talk about meaningful change and plan transformative blueprints, we mustn’t forget our place in the digital ecosystem as well, and the components necessary to achieve digital ecological balance.

Let’s break it down

We’re all familiar with the concept of digital transformation. It is fundamentally a business initiative, whose scope should be enterprise-wide, according to Mark Breading, partner at Strategy Meets Action, and should flow through three phases:

  1. Digital assets to establish a foundation
  2. Digital experience to evolve business processes
  3. Digital transformation proper, when the organization fully leverages digital capabilities

Think of digital transformation as remodeling an older home – in many cases, down to the studs. To make sure you build the most cost-effective, efficient structure – one that provides all your business needs and process wants – you must create and follow a precise blueprint.

But it’s no longer enough to rebuild the house. Now it’s all about that old adage, “Location, location, location.”

Where do you fit in the industry’s digital ecosystem? And what are the necessary components to achieve digital ecological balance?

Digital ecological balance? Say what now?

What do we mean by a digital ecosystem? Hugh Terry, editor of The Digital Insurer, defines it well.

“For me,” says Terry, “ecosystem models are digital business models that initially engage with a customer on a need other than insurance and then through the strength of the relationship are able to provide insurance products appropriate to the needs of that customer (and initially allied to the product or services they are purchasing).”

Terry cites digital wearables as a good example of customer engagement on initial need. Think of how insurers might leverage a fitness monitor or a Wi-Fi-enabled automobile. Connecting with that customer based on their initial need – a desire to track their fitness goals or drive more efficiently – and then gathering data to offer insurance products based on those outcomes is finding the right location in the digital ecosystem.

So what about digital ecological balance? Think of it like natural ecological balance, which describes how ecosystems are organized in a stable state, where species coexist with others and with their environment.

For insurers going through digital transformation and looking for their home in the digital ecosystem, balance, according to Martin Blake, chairman of KPMG, New South Wales, comes by ensuring that evolution includes the creation of:

  1. Innovative and agile products and processes
  2. A technology blueprint that moves the organization and the industry forward
  3. Strategic partnerships and alliances

Formation ‘19’s theme is spot on with this concept: “Meet the partners. Choose the tools. Build your plan.”

Strong partnership: Hyland and Duck Creek

Duck Creek and Hyland put those three elements on center stage. Our partnership with Duck Creek and how its platform integrates with OnBase content services provides the right tools for insurers to create that transformative blueprint.

By making OnBase part of your enterprise IT strategy, you gain a content services platform that manages content, processes and cases across your enterprise, while connecting with your Duck Creek applications – ultimately improving the agility of your people, your departments and your entire organization.

More than that, OnBase opens a path to the future by managing and enhancing the documents, data and decisions that complete the Duck Creek platform.

The two together provide the kind of digital ecological balance insurers are striving for.

To learn more, visit the Hyland booth at Formation ’19, March 31 to April 2, Turnberry Isle, Miami, Florida. Or download A Platform for Change: Duck Creek and OnBase.

Cara McFarlane is Hyland’s sales enablement solution marketing manager. Her mission is to effectively position Hyland as the leading content services platform within financial services, insurance, government, higher education, and emerging markets by sharing best practices that accelerate organization’s digital strategy across their enterprise. Cara leverages her 19 years’ experience in the content and process automation software industry to help lead Hyland’s market vision and roadmap. She received a bachelor’s degree from the University of Northern Iowa.
Cara McFarlane

Cara McFarlane

Cara McFarlane is Hyland’s sales enablement solution marketing manager. Her mission is to effectively position Hyland as the leading content services platform within financial services, insurance, government, higher education, and... read more about: Cara McFarlane