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Digital Innovation in the Insurance Industry

Digital Innovation –

Digital Innovation – Presentation by Hans Zehetmaier Hans Zehetmaier, Chairman of the Executive Board, msg systems ag Digital Transformation – Innovation Driver for the Insurance Business “The digital transformation will drastically alter society and business.” Technology-based megatrends such as mobility, big data, cloud computing, collaboration, SOA and business networks are key drivers of digitization, but business trends in the industry are also contributing. Now that society has made great strides in digitization, its spread into business must follow. Digital transformation is gradually changing the very foundation of every company. It is triggering a shift in how businesses are defined. By necessity, the business models of the future will vary depending on their market, sector and industry. Technology – networks, terminal equipment and software – is now uniformly available to all industries, fulfilling one of the key requirements. Powerful data analysis tools play a special role in this process, because data is the new currency on the Internet and the basis of future business models. In the insurance business as well, digitization and innovation will determine who goes and who stays. A thoroughgoing paradigm shift to the networked digital insurance company has begun. • Better customer orientation demands a holistic view of the customer, digital communication channels and individualized communication and products. • To improve operating efficiency, processes and services must be digitized and standardized. The process of developing insurance-specific IT must be driven further. • More efficient collaboration entails portal strategies and standardized data and processes. • Data efficiency can only be optimized if data management is effective both in a quantitative and qualitative sense. Within the industry, various trends in direct insurance, reinsurance and industrial (commercial) insurance call for solutions of different types. One notable trend is the appearance of external market players from outside the industry that offer insurance as a secon d- ary product. 4

In order for companies to meet the demands posed by these trends, they should organize their IT landscape according to the principle “Industry-specific on the inside, diversified on the outside.” In order to enable quick response to market changes and to foster collaboration and networking, the systems of record – i.e., the conventional systems of the insurance industry, such as core, cross and finance system – must be configured to be as (cost-)efficient and service-oriented as possible and support dynamic processes. If systems of record * are optimized and their costs reduced, resources for systems of insight* and systems of en gagement * will open up. The systems of insight comprise systems of analysis, which yield knowledge from data and contribute to the interaction between systems. The systems of engagement – front office, apps, CRM, portals and other systems for interaction and communication – are the actual business drivers. They are the source of new business options and promote innovation. Insurance providers face complex challenges right now, and this complexity will only grow as a result of the following: • New customers with changing consumer behavior and new expectations for digital capabilities • New value propositions • New levels of information and data transparency • New market players • New product mixes • New collaborative business models • A more crucial role for technology The digital world will no longer settle for insurance companies that are solely traditional. msg supports companies in the industry which are well on their way to becoming a “digital insurer” with consulting and smart, product-based solutions. The industry spe cialist recommends an integrative approach and controlled business transformation with a step-bystep transition that allows conventional and digital business models to exist side by side. The advantage: This approach allows more time to develop a transformation path and prevents the existing business from being cannibalized. * Terminology as per Gartner “Successful insurers follow an integrative and systematic approach when it comes to company development and innovation.” 5

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msg ist eine unabhängige, international agierende Unternehmensgruppe mit weltweit mehr als 6.000 Mitarbeitern. Sie bietet ein ganzheitliches Leistungsspektrum aus einfallsreicher strategischer Beratung und intelligenten, nachhaltig wertschöpfenden IT-Lösungen für die Branchen Automotive, Banking, Food, Insurance, Life Science & Healthcare, Public Sector, Telecommunications, Travel & Logistics sowie Utilities und hat in über 35 Jahren einen ausgezeichneten Ruf als Branchenspezialist erworben.

Die Bandbreite unterschiedlicher Branchen- und Themenschwerpunkte decken im Unternehmensverbund eigenständige Gesellschaften ab: Dabei bildet die msg systems ag den zentralen Kern der Unternehmensgruppe und arbeitet mit den Gesellschaften fachlich und organisatorisch eng zusammen. So werden die Kompetenzen, Erfahrungen und das Know-how aller Mitglieder zu einem ganzheitlichen Lösungsportfolio mit messbarem Mehrwert für die Kunden gebündelt. msg nimmt im Ranking der IT-Beratungs- und Systemintegrationsunternehmen in Deutschland Platz 7 ein.


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