The dual challenge in going digital in insurance

career advice CSC Blogs

Paper has been making a long, slow exit from the insurance industry. Regulation has been a reason to maintain paper-based communication between the customer and the insurance company. Yet, as printed materials have been phased out, a greater share of products, services and processes have made the transition from manual to automated methods.

A truly digital customer experience starts with products that are easy to buy.

Aim for products that are simple enough to enable e-applications and automated underwriting – all elements that help deliver instant gratification, which consumers expect in a digital economy.

Some insurers are able to offer complex, differentiated products in a streamlined way, while others offer more simple products with better user-experience or added values like driver- and road-assistance.

However, this fundamental shift will require insurers to reconsider how they design and build new products, how they go to market, and how they interact with their customers.

On the road to digital insurance

Digital insurers will need to offer an omni-channel buying experience with robust self-service options. This is the prerequisite to provide traditional and new outlets with a highly personalized customer experience across traditional and new digital channels.

Digital insurers can also introduce a higher degree of automation from front to back, straight-through processing, automated underwriting for new business, first notice of loss automation and self-service options for claims.

All of these requirements speak to the need to develop a complete end-to-end digital insurance platform, including a modern API integration framework, and a whole new set of persona-based systems of engagement.

Insurers won’t get it right the first time – so following the best practice of successful start-ups, they need to embrace lean management principles. That will include the concept of minimally viable product and agile development methods.

Business, IT, partners, and customers need to collaborate and continually innovate as they collectively reimagine the business of insurance.

The dual agenda

In this changing environment CIOs face a daunting challenge. They know that legacy systems of record won’t all be retired anytime soon. Any strategy that purports to be comprehensive must not only deliver new digital capabilities, but also find ways to extend and enhance the rich value embedded in today’s heritage platforms.

This dual agenda will be difficult to address in isolation. Insurers will need to re-evaluate their partnering strategy. They can no longer expect to keep up with the massive investments being made by todays incumbent and new technology leaders. Neither can they amass all the skills and experience necessary to execute the transformational change at the pace business requires.

Today, insurers need to shift from builders of capital-intensive IT to being integrators and aggregators of internal and external capabilities, drawing more and more from the emerging as-a-service and API economies.

Join CSC’s Data Empowered Insurance Conference on November 17 in Copenhagen, and get more insights on how to solve the dual challenge. Sign-up here no later than November 15:

Liselotte Munk Poulsen Liselotte Munk Poulsen is Industry General Manager at CSC’s Nordic insurance business. With more than 20 years of experience working with the Insurance industry, Liselotte holds a solid track record and has built a solid performing insurance software company with a substantial consultant business. Through a holistic end-to-end perspective of the global insurance industry, Liselotte enables her knowledge to provide value to the Nordic insurance industry. On daily basis Liselotte drives CSC’s Nordic insurance business, leading a team with deep insight into P&C and L&P. The clear objective is to leverage global capabilities that for decades has been developed and utilized by more than 1,900 insurance companies worldwide into the Nordic region.


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