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Digital transformation

As an insurer, master the digital transformation and benefit from long-term customer loyalty and increased process efficiency.Get in touch with us

Insurance companies thrive on making a promise to people - and that promise is security. Crucial to success is not only mastery of new technologies and new forms of collaboration, but above all a change in corporate culture: automation and collaboration with learning systems are changing almost all job roles.

Success in the digital age requires networking and flexibility. This means: access to data and connection to data sources, rapid provision of content in context, and efficient control of operations and processes across company boundaries. As experts for the digital transformation of companies, we would like to support you in your challenges.

Topics that move insurers:

Together, we will find the optimal path to digital transformation. In doing so, we support and accompany you in these four central topics that offer insurance companies great potential.

What is Digital Transformation?

Digital transformation describes the change in the corporate world brought about by new technologies and the Internet. It is important to note that digital transformation should not be confused with digitization: Digitization generally describes a process in which digital technologies are implemented in an existing process, whereas digital transformation describes the complete transformation of existing processes and business models.

So when we talk about digital transformation, we are talking about the further development of current corporate processes, the customer journey and business models in general. It is already clear here that this process cannot simply happen on the side, but requires skills to be able to apply and use the new digital tools so that dealing with them can improve digital processes in the long term.

Initial situation in the insurance industry

The conditions for digital transformation are actually ideal. With the continuous improvement in the digitization of society and the ubiquity of technology (including continuous Internet access via mobile devices, social media and cloud computing), the foundation for digital transformation has already been laid. However, there appear to be barriers to the development of digital capabilities, as there is generally no single, industry-focused solution, which hinders full digital transformation. But the longer the entire transformation is postponed, the greater the pressure on competitors to act and the higher the implementation costs.

Insurers have therefore already largely recognized the opportunities and necessities of digitization. According to GDV (2021), more and more insurers are investing in digitization. In 2019, spending on IT increased by over 15 percent compared to the previous year. Some are working closely with insurtechs, while others are establishing their own digital subsidiaries. Nevertheless, there is still a lot to do, because digitization does not work from one day to the next - especially in insurance companies, where there are many old-fashioned and slow processes. According to GDV, the highest priorities are data security and data protection, identity management, and the integration of alternative payment processes such as Big Data, robotics, and artificial intelligence.

Do you need support in the implementation and application of new digital technologies?

Matthias Quaisser
Business Development Lead - InsuranceTIMETOACT GROUPContact

Where do you stand?

10 Success Factors of the Digital Ecosystem at Insurers:

Prerequisites and goals for successful digital transformation

Agile management & involvement of all stakeholders

It is important to remember that digital transformation is not a project, but a process. Accordingly, it requires an agile management that is prepared to tackle the challenges of this process and, through "trial & error", does not see failure as a mistake, but rather as an opportunity to learn from it. Our experience has also shown that it is very important to involve departments and employees to the maximum throughout the process, because this is the only way to create transparency for the digital transformation and to be able to rely on the support of your employees at all times.

Long-term customer loyalty & increased efficiency

After in-depth analysis of customer experience and approach, digital transformation aims to retain your customers in the long term. In addition, you will achieve a direct increase in efficiency through the successful transformation, as the productivity of your employees will increase and you will thus be able to reduce costs, all with the aim of increasing sales in the long term and sustainably, bringing new products to market quickly and opening up new sales channels.

Our references:

These customers from the insurance industry already trust us:

What we can do for you in the area of digital transformation:

Increased investment in financial technology and countless startups for data-based insurance solutions have turned the industry into an innovative digital melting pot. Companies should take advantage of this change and rethink their current business model. With a secure and digitally-enabled operating model, you can significantly increase customer, employee, partner and other stakeholder satisfaction. New digital tools and data-driven technologies are streamlining the product development process, enabling digital interaction, and improving key functions - from marketing and sales to contracts and service departments to finance and accounting.

Companies that manage to harness the digital transformation for themselves benefit from a significant competitive advantage. Customer needs can be identified and better satisfied, and they can also adapt to new market requirements according to the situation and respond flexibly to the changes brought about by digital transformation.

Our services cover the following areas:

  1. Solutions & Platforms
  2. Data, Software & System Engineering
  3. Managed Services & Managed Support
  4. Consulting & Cloud Transformation
  5. Software License Consulting & Sales

We use technologies from the following manufacturers:

Logo Microsoft
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Logo Oracle

Successfully implementing digital transformation

  • The digital transformation is based on digital technology and its rapid as well as continuous spread will permanently change our society and economy. From applications and digital platforms to networked factories and virtual ways of working, new technologies often change the needs and behaviors of customers, impacting the entire industry. Digital transformation affects and changes all areas of business: Business processes and structures are being put to the test, leadership and corporate culture are changing, and new products and services are constantly emerging.

  • Companies have great potential to optimize operational processes and create future-proof business models through digital transformation. It improves the customer experience and accelerates the decision-making process. These changes bring both challenges and opportunities. Digital transformation is not an off-the-shelf product, but must be actively shaped - whether at the SME or the international corporation. In rare cases, a complete reorganization of the company is necessary; in most cases, it is already small measures and steps that help to drive digitization forward.

  • You benefit from our industry experience, technology expertise and methodological know-how. Discover with us the economically sensible next steps for the digital transformation of your company.

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