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Insurance Next

Insurance Next: Navigating the Future

 
April 19, 2016

Insurance Next: To keep you in the know on the latest trends and developments, weve created a blog.

Its not easy being an insurance executive today
What is your biggest challenge? Is it trying to extend the life of aging core systems? Is it developing an intelligent and meaningful strategy regarding what great customer experience entails? Rethinking and supporting distribution? Addressing the moving target of security and risk management? Leading your organization into the digital age? Managing budgets? Building an effective workforce?

Your answer may be all of the above, and it probably includes other challenges I didnt list one thing is for sure, its certainly not none of the above. Insurance executives, whether they are running IT organizations, heading marketing efforts, overseeing the ways the company can manage and use data, assessing security and risk, or driving sales and retention, have lots on their plates these days. Some of that is due to what always has been part of the job compliance, development, maintenance, resource management, and so on. Some of it is due to relatively recent developments related to digital technologies, the explosion of data, demographic and social change, emerging competition, and new, more complex risks.

Changes loom large on the horizon

The insurance industry is on the verge of dramatic change, and that affects the ways that C-level executives and other business heads define and do their jobs. Lines that once separated functions, business units and even industries are blurring. Technology is advancing at an incredible pace. Insurance is not the only industry in the midst of upheaval just look at media, banking or retail, for a start. But its not a stretch to say that the insurance industry as we know it, and as it has operated for at least a century, is soon going to work very differently.

This raises a serious question for insurance professionals are you going to lead and shape these changes, or are you going to react to them? The answer will determine the difference between those organizations that are able to identify and exploit the most significant technology, demographic and economic developments, to grow via new business models and strategies, and those organizations that fade into irrelevance.

How can you keep up?

To stay ahead of this gigantic curve, insurance executives need to be smart about technology. They need to have objective insights into market trends, and understand the context of industry and competitive developments. Thats why Tata Consultancy Services Insurance practice is launching this blog, “Insurance Next.” Our blogs mission is to provide insurance strategists and decision-makers with thought-provoking ideas and insights about the most important technology and business developments in insurance, including core systems transformation, customer experience and multichannel innovation, Big Data and analytics, and risk, security and fraud.

The TCS insurance blog will offer analysis and commentary from our top executives and subject-matter experts. Well discuss the implications of relevant news, events and research. And well keep you up to date on the ways TCS is partnering with the insurance community to bring innovation and digital-based transformation to this industry.

And in the spirit of community, we hope this blog will become a vibrant channel for conversation and interaction. Collaboration and creativity are more important than ever to the future success of insurance companies, so your feedback, ideas, and questions are integral to how the blog flourishes and grows. You can provide your comments on the blog site itself, or communicate directly with the TCS insurance bloggers.

Together, we can understand and address the challenges insurance organizations are tackling every day driving transformation and creating successful new business models. TCS insurance blog is here to tell the story, and to shape it.

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Katherine Burger is a Practice Lead with the Insurance and Healthcare unit at Tata Consultancy Services. She is a thought leader and communicator in the area of business technology, with a particular focus on analyzing the ways technology enables financial services organizations to be more productive, competitive and profitable. She served as Editorial Director of Insurance & Technology from 1991-2015 and Bank Systems & Technology from 2003-2015. At I&T and BS&T, in addition to directing the editorial strategy of both brands, Kathy handled both digital- and print-medium publications, spanning from new products and editorial supplements to live and online events, including summits, forums, webinars and roundtables. Kathy has been a frequent speaker and/or moderator at financial services industry conferences, and also has presented at a number of technology company user group and sales force events. She is a graduate of Carleton College.