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Partner for the Insurance Business

Cutthroat competition and legal requirements are stepping up financial pressure on the insurance industry. That is why insurers are reviewing, unifying, and standardizing their ICT landscapes.
Overview
Studies show that for example in Germany insurers spend more than 4 percent of their premium volume on their IT. In spite of digital communication, output management devours around a third of their IT spending. Furthermore, the industry is characterized by takeovers and mergers, and in their wake heterogeneous IT landscapes need to be standardized. As a result, in many insurance companies the IT is caught in a cost trap, with maintenance and running costs accounting for up to 80 percent of the IT budget. Heterogeneous application landscapes based partly on old technologies make fundamental restructuring more difficult. Insurers often operate in largely saturated markets, their customers are increasingly ready to switch providers and customer loyalty is in need of improvement with the aid of customer management solutions.

Improving Customer Management Processes

This starting point is reflected in the findings of a Fraunhofer IAO study. According to the survey, virtualization, portals and business process management rank alongside IT security as the insurance industry’s most important IT issues. Insurers face the challenge of recognizing and making full use of the potential benefits of their IT. A first step is to build on the latest sourcing models. With Application Management & Modernization (AMM), for example, the software landscape can be homogenized and standardized. That frees up budgets that can be invested in modernizing IT. Field service agents can then be equipped with mobile applications for tablet PCs that can be linked directly to core systems. That replaces cost- and time-intensive paper processes and reduces the cost of output management. Secure and confidential customer correspondence with proof of posting via De-Mail replaces expensive conventional letters.

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References

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