Maximizing the Strategic Value of IT: Nine Key Points for Insurance Business Leaders
Published: March 2013
While many insurer IT executives have devoted significant energy to “business/IT alignment” over the past decade, few business executives have made a similar effort. On one level, this is appropriate – IT exists to serve the business, not the other way around.
However, as an information business, an insurer is completely dependent on IT to deliver the capabilities that allow it to communicate with customers and distributors, manage internal workflows, and analyze data for pricing or operational improvements.
Like many industries, insurance is being transformed by rapid changes in information technology. Even today, many insurers rely on business practices that were developed in response to the constraints of 19th or 20th century information technology capabilities – when information mostly lived and traveled on paper. Some of those have been digitized and accelerated, but few have been completely reconsidered in light of 21st century truths about the speed and accessibility of information.