CSC Position Paper Guides Insurers on the Challenges and Benefits of Digital Transformation in the Enterprise
February 02 2016 - 3:00PM
Business Wire
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
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.
Resources
- 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
About CSC
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160202006168/en/
CSCRichard AdamonisCorporate Media
Relations862-228-3481radamonis@csc.comorNeil DeSilvaGlobal M&A
and Investor Relations703-641-3000neildesilva@csc.com
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