Baringa Partners specialises in delivering business, technology and data change. In recent years we have delivered successful data transformation activity across the Insurance industry with a number of our clients. Our delivery know-how and effective partnering with the Zurich Insurance CDO, Anita Fernqvist and her team has led to a number of well-deserved data awards for their organisation.
Reflecting on our experience across a number of data transformation programmes we’ve learned there are some obvious but key areas that need to be well understood in order to achieve success:
1. Transformation is hard.
Insurance organisations have a mixed track record when it comes to delivering large scale IT and data transformation programmes. New wave platforms and solutions have been implemented in order to resolve legacy challenges, but these have often also resulted in ever more complex and costly application and data estates
2. Data is important.
It is true that the data agenda is a huge area of focus for the Insurance C-suite. The nature of Insurance means that effective collection, modelling, interpretation, and reporting of data is absolutely critical. Any business that does not have a solid grasp of its sales, pricing, underwriting, claims, and financial data ultimately will not succeed. Therefore, spending time and effort making sure that the data is as robust and accessible as possible is essential
3. Better data enables your strategy.
Whatever your strategic agenda (be it customer experience, digital, growth, efficiency, M&A or regulatory) it is clear that reliable insights, metrics, and measures are fundamental to delivering target outcomes. Current focus on innovation, robotics, AI and InsurTech agendas will also only succeed when supported by a coherent and robust data strategy and rigorous execution thereof
4. The outcome is worth waiting for.
It is important that the scope and scale of the challenge is appreciated and that a supportive and sufficiently patient stakeholder group exists to see the project through successfully. This can be aided immensely through:
- Business functions that will benefit from the change are on-board and are keen to exploit the improved data available
- The project is able to visualise and therefore demonstrate the benefits of the data transformation as early as possible.
In the blog series that follows some of the key individuals that have led on data transformation programmes so successfully will explore a number of these points in more detail.