Insurance companies need to view IT as a strategic asset that can help the business remain competitive and lay robust foundations for the impact of future trends. Rather than seeing it as a cost-drain.

We’ve created some best practice guidelines to help insurance companies tackle the challenges they face and re-architect their business.

Transforming the business in order to become a modern insurance company cannot take place without also transforming technology. CIOs and IT departments must therefore ensure that IT requirements are mapped to the needs of the business. To take the first steps to modernisation, companies should start by assessing their current position. This ‘taking stock’ enables organisations to first understand the state of their existing IT infrastructure and better identify where changes need to be made in order to support the business and the services that it wants to offer.

Carrying out this important assessment of the current position supports the creation of a feasible and achievable technology roadmap that supports the businesses along its journey. A technology roadmap will help ensure that businesses consider the long term needs of the organisation, as well as taking into account the future trends that will shape how the organisation interacts with its different stakeholders.

To successfully measure where the business is now and what it wants to achieve in the future, this step cannot be undertaken by IT in isolation. Other audiences, including customers, partners and staff, must be engaged across the entire business network. Should an IT department forge its own path without consulting other groups, they risk finding that similar projects to those they have planned are already underway – resulting in a lack of coordination and duplication of spend. Including all interested parties ensures that IT and the business are fully aligned and return on investment will be maximised.

To find out more about the future of insurance, download our white paper today. To speak to one of our experts about how your organisation can modernise, contact us on 0845 2101 500, or email info@trustmarque.com.

To view the next post in this series, click here.