IT investments: knowing the happy medium
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It's as easy to underinvest in digital transformation as it is to overspend. You have to find the happy medium, but how? That’s the question.
Let’s assume for a second your insurance company can invest in all digital tools you can imagine.
Tools for insurance agents and brokers, still being the main sales channel, go first. Next, you have the online portal for end-clients – you can’t forget digital natives with high expectations. These clients will need some help every now and again, so you could do with a live chat – or chatbot providing assistance 24/7.
Call-centers? Sure. These can increase sales, let’s invest in them. A new tool for claims registration seems important too – you want as little friction as possible with the process.
But we’re just getting started here, let’s move forward. We need some Artificial Intelligence embedded in all of this. Maybe for sales predictions, risk estimate or fraud detection? The list goes on, so does the roster of vendors big and small.
What do you get as a result? The most innovative insurance company in the world. Maybe. The most profitable insurance company in the world with the highest number of new clients? Not quite.
The number of innovations, systems and applications you throw your money at does not bring clients and revenues in itself. Without proper coordination of all your ventures, the only thing you’ll bring is chaos. Customer loyalty? You wish.
But let’s get back to the real world where your investment pools are limited. Even if we assume – again – that all the changes we want to make are well planned, the outcome may backfire. Unless you prioritize. Measure twice, cut once.
Setting priorities does not only mean choosing the right initiatives or hottest innovations. You also need a trusted vendor who can guide you throughout the journey, setting ambitious but realistic milestones to it. A vendor who uses reliable and proven technologies. A partner to provide a stable solution that will ‘talk’ to your other systems.
That’s where we come in.
Author: Malgorzata Moderacka, Product Manager – Comarch Digital Insurance at Comarch, IT software company