CSC Position Paper Guides Insurers on the Challenges and Benefits of Digital Transformation in the Enterprise
News Release -- February 02, 2016
To compete with new, digital-only players, insurers must adopt more diverse information sources, deeper analytics and a more nuanced view of customers, channels and products
FALLS CHURCH, Va., Feb. 2, 2016–A new position paper entitled “Key Shifts Mark the Path to Digital Insurance,” from CSC (NYSE: CSC), a global leader in next-generation IT services and solutions, provides fresh information and expert insights to help insurers navigate key technology and market shifts on their digital transformational journey. The paper is part of CSC’s “Journey to the Digital Enterprise” series produced by the company’s global CTO team.
“Empowered consumers, innovative competitors and new technologies are bringing massive changes to the insurance industry,” said Phil Ratcliff, CSC’s vice president and general manager of Global Insurance. “Insurers need to build on advances in applications, platforms and big data technologies to create digital products that inspire customer demand and allow customers to more conveniently evaluate, engage and purchase.”
To help insurers successfully embrace the emerging digital insurance ecosystem to benefit their business and constituents, the CSC paper addresses three key shifts:
- From Policy Centric to Customer Centric – Traditionally, insurers have only interacted with customers when they purchased a plan, paid the premium or filed a claim. A customer-centric approach enables consistent customer engagement through digital means—opening up a wealth of opportunities to advise customers, reduce risk, grow loyalty and ward off competitive threats.
- From Data Capture to Data Analytics – Data analytics is poised to transform the insurance industry. Insurers can mine existing data from systems of record, plus new data from social media channels and other external sources, to gain a 360-degree view of their customers and their prospective needs. These deep insights help insurers engage customers as individuals, offering them a more personalized and tailored experience.
- From Manual to Digital – A truly digital customer experience requires products that are easy to comprehend, purchase and manage—through simplified e-applications, automated underwriting, direct issuance and streamlined claims—to help deliver the instant gratification consumers expect in a digital economy.
“To adapt to these shifts, insurers will increasingly adopt next-generation IT operating models that blur traditional enterprise boundaries and deliver the capacity to compete in the emerging digital ecosystem,” said Ratcliff. “CSC has the insurance solutions, partners and deep industry experience to help insurers gain command over their vast IT estates as they begin their digital insurance journey.”
CSC’s technology and expertise empower insurance companies to compete in today’s increasingly digital and customer-centric environment. With more than 1,200 clients and more than 500 million insurance policies managed on CSC platforms, CSC helps insurers orchestrate their journey to next-generation infrastructure, modernized applications and better, more efficient insurance processes. For more information, go to http://www.csc.com/insurance.
- CSC’s Key Shifts Mark the Path to Digital Insurance paper and video
- CSC’s Journey to the Digital Enterprise paper series and videos
- CSC’s Journey to the Digital Enterprise blog
CSC (NYSE: CSC) leads clients on their digital transformation journeys. The company provides innovative, next-generation technology services and solutions that leverage deep industry expertise, global scale, technology independence and an extensive partner community. CSC serves leading commercial and international public sector organizations throughout the world. CSC is a Fortune 500 company and ranked among the best corporate citizens. For more information, visit us at www.csc.com.