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Digital Innovation in the Insurance Industry

Digital Innovation –

Digital Innovation – Keynote Speeches IT in Digital Insurance: Better, Faster – More Secure? Top-performing software and flexible and dynamic processes are key prerequisites for success in the process of becoming a digital company. Can standard software play a role in this? And what are the new security requirements within the context of digital transformation? In their keynote speeches, Dr. Bettina Anders and Dr. Ralf Schneider offer some answers to these questions. Dr. Bettina Anders, Executive Board Member of ERGO Versicherungsgruppe AG Standard Software in the Life Insurance Company: Better, Faster, Simpler? Regulatory requirements, high pressure to innovate and digitization all present insurance IT departments with greater challenges than ever before. Not only corporate objectives such as increasing customer loyalty and transparency, cutting costs and ensuring profitable growth but also IT-internal factors such as complex IT landscapes, minimal process flexibility and the high average age of developers and designers play a huge role in these challenges. Can standard software help in meeting these challenges successfully? Dr. Bettina Anders shed some light on these issues in her talk on system strategy and the launch of a new life insurance system at ERGO. “Standard software helps to facilitate processes and speed up procjects – if we adhere to standards and do not make individual modifications to it.” The key criteria were investment protection, the „one function – one system“ principle, compliance with standards, support for digitization in future sales scenarios and the process automation necessary to do this as well as closing skill gaps. “Better, faster, simpler” – those were the demands that the ‘LifeFactory’ system by msg life was to fulfill. The software was implemented within 18 months. From a technical point of view, the launch went smoothly for the most part and generally delivered the expected added value. But industry-specific integration proved to be very timeconsuming. It is critical that process automation be considered, and skill gaps were not closed to the extent expected. It is possible to integrate LifeFactory in a modular process, but higher process efficiency and a better conversion rate in the Internet calls for additional investments in user experience and usability. 6

Dr. Ralf Schneider, CIO, Allianz Group Allianz: Becoming a Digital Company Mobile computing, social media, the Internet of Things, big data as well as new experiences and human-machine interfaces are megatrends that Dr. Ralf Schneider sees as changing the world in fundamental ways. They hold great opportunities for insurers, but also present them with several challenges. For example, the security of digital assets must be guaranteed. Customer data cannot indiscriminately fall into the hands of third parties under any circumstances. To meet these challenges successfully, Allianz built a comprehensive security strategy around a “private vault” that acts as its core. As with real vaults, the digital assets are enclosed in six central data centers in the United States, Asia and Europe. Virtualization allows to access the data quickly and securely from anywhere and on any terminal device. The insurance group laid the required groundwork for the system by consolidating its IT infrastructure and installing a high-speed data network with flexible bandwidth. The downside of digitization is the increasing number of cyberattacks, said Dr. Ralf Schneider. To counter this, every company needs an effective IT security framework. That includes continuous risk assessment and a well-thoughtout identity and access management system for prevention. It also demands a security operating center that works in real time, detects security incidents systematically and responds to them promptly. Finally, it calls for a computer emergency response team that will strike back effectively in an emergency. In view of the sensitive data that insurers handle, this type of security framework is indispensable particularly for them. Ultimately, trust means life or death for an insurance company – and in the digital world, this takes on a completely new stature. “Many are the risks – but there’s no turning back from digitization.” 7

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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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