Why do Insurers need to pivot not pause?

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Presented by

Colville Wood, Cognizant UK & Daniel Totten, Maryann FitzGerald and Tim Holyoake, all of Software AG

About this talk

At the start of 2020 every insurance business had a view of which business initiatives would enable them to realise their strategic objectives and such strategies were underpinned by an IT change portfolio. Then Covid-19 struct and the world as we once knew it stopped, but now is not the time to pause… There is now a need to pivot the business and reassess the IT projects and priorities considering Covid-19. So how do you assess the impact of such a significant event on your change portfolio in both the short, medium and potential long term, when there is still a lot of uncertainty in the market? How insurers respond to customer needs in this crisis depends greatly on their operational and technology readiness. The FCA has set expectations that Insurers consider the need of their customers and show flexibility in how they are treated during the time. Insurers must have plans in place to mitigate the operational impact of the virus by adapting technology, processes and how employees work. But Inefficiencies in technology, systems and processes have already been exposed as insurers handle huge volumes of customer enquiries regarding policy coverage and covid-19 related claims. The importance of baselining and understanding your IT estate, aligned to new priorities and your overarching strategy has never been so critical. The BrightTalk event creates a forum to discuss this topic with peers, colleagues, industry experts, to impart knowledge, ideas and support on how Insurers can react and pivot to the new norm.
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