At Insurtech Insights Europe, EIS CMO Tony Grosso spoke with Roy Jubraj, chief strategy and information officer of esure Group, and Mike Dwyer, chief technology officer and EVP at EIS, about what it takes for insurance companies to prepare for the future, and how EIS has helped esure in its transformation journey.
Here are our key takeaways from the chat, and how to make real insurance transformation happen by choosing the right technology partner.
True insurance transformation requires full-scale commitment
According to Roy, esure’s transformation started with their customers and their purpose. “You need a different mindset and approach,” he said. “It’s not just about tech, it’s about our whole business.”
esure sees this as an all-encompassing transformation. There’s a lot to fix, not just in buying or servicing insurance, but in every interaction. esure is plugging in to new technologies, transforming its core technology, policy and claims, but also driving new customer and employee experiences.
esure selected its technologies so the company can create the right foundations to continue to grow, adapt and shape the whole business architecture, with technology as a solid underpinning.
Why EIS technology is different
“If you’re an ambitious insurer, ours is the right platform for you,” said EIS’ Mike Dwyer. The EIS Suite is event-driven, cloud and microservices-based, which makes it easy to integrate into any insurtech.
EIS’ low-code solution lets customers change and adapt, easily making its offering a true reflection of the future technology platforms that are being applied to insurance.
Where esure is heading next
In the last 12 months, EIS has created foundations at esure, plugging into a series of feature-rich platforms, and at this stage, esure is starting to take these new capabilities to market. In Q1 and Q2 of 2022, esure will open up its new “friends and family” offering. Next, the company will introduce new products, and migrate some existing customer services onto the new architecture to enable some of the new experiences, minimizing handoffs between technology and making experiences more seamless.
esure is fundamentally changing its operating model over the next year. It’s hard work, but immensely rewarding as the company sees it start to pay off and improve their interactions with colleagues and customers.
How EIS focuses on its insurance customers
Mike Dwyer explained that at EIS, our focus in our delivery capability is really about focusing on why an insurer is transforming. We recognize that we need to deliver value fast, demonstrating success and building momentum. EIS doesn’t place strict delivery structures around our customers, so we work with customers like esure in a true partnership, seeing this delivery approach as a key point of difference. Our customers’ success is our success.
What insurers should look for in their transformation journey
Here are some great insights from Roy on how insurers can go about their transformation journey:
- It’s not easy. Insurers need to continue to run a business in parallel to changing their technology. There’s economic impact, and things are continuously changing around you. You need to keep your focus.
- Talent and culture are critical. People and partners need to collaborate to achieve transformation, and that starts with creating a company culture that supports that and connecting with your talent to make sure everyone’s on board.
- Keep your purpose front and center. Focus on your purpose during decision making and throughout the entire transformation process.
- Make sure everyone is on the same page. Adoption and key outcomes need to be understood and tracked by key stakeholders in your organization. Your success criteria needs to be understood by everyone to shape priorities and drive you forward.
- Look after your people. The environment remains challenging. Show your employees support by treating them well and keeping the lines of communication open, and they will pay you back.
Insurance transformation can be challenging, but by following esure’s advice, and working with the right partners, you can put your insurance business on the path to success.
The post Building business architectures for the future of insurance appeared first on EIS.Read more...