January 18, 2023
NTT DATA Corporation
Tokyo – January 18, 2023 – NTT DATA, a global digital business and IT services leader, has launched a new white paper on the insurance industry, “Insurers On the Mission Towards Operational Excellence”, analyses the challenges and opportunities for insurers at a time when being increasingly agile and efficient in their processes is key to achieving the mission of operational excellence, also presents the company’s recommendations based on its global approach. Below is a summary of NTT DATA’s research and findings.
Excellence has become a requirement for many industries as they seek to adapt to the demanding and fast-paced environment in which we live. For some years now, the insurance industry has been contemplating the importance of having agile and efficient processes that help not only to offer exceptional products and services but also to differentiate the relationship with the customer.
In the current scenario, the product development process of the Insurance business is redefined by process reengineering. But process reengineering is not only a technological issue but also an organisational one. The transformation of insurance companies must go hand in hand with simplicity, in the way they are agile outwards and when it comes to automating processes this goes far beyond simple technology. But it is also important to look at the business from the inside, seeking to have simpler structures that help in the delivery of product and service bundles through easy and agile processes.
NTT DATA recognizes that this is an ideal time for insurers to continue to accelerate their mission towards operational excellence. In producing the new white paper, we have leveraged our experts’ industry knowledge and ability to deliver solutions in line with the current needs of the industry.
New Routes Towards the Evolution of the Industry
NTT DATA Insights
The pandemic has set an accelerated pace that has undoubtedly changed the traditional dynamics of the global insurance industry. There is a growing demand for the sector’s traditional processes to transform and become more agile and efficient. It is key for insurers to maintain a focus on operational efficiency in order to remain competitive in terms of pricing, profitability and delivering value to their customers.
The global insurance industry increasingly has new technologies and methodologies at its fingertips to help holistically improve its processes.
Both hyperautomation and digital twins are disruptive technology trends that are accelerating the insurance industry, helping to drive improvements in processing times, error reduction and customer service.
Hyperautomation can help insurers with customers who want to interact digitally, with policyholders who want fast and functional interactions, to manage complexity, for the launching of new products or in the insurance organisation’s team restructure.
In the case of digital twins, they help insurers understand what has happened in past events, visualise the present and predict the future. They can already be use cases for such industry-relevant processes as underwriting, claims processing, back office administration and distribution.
NTT DATA can support insurers in the following use cases:
- Definition of an Operational Excellence Pilot from Strategy
- Organisational Sizing and Layout Definition
- Reduction of Manual Evaluations on Automated Processes
From our experience with the insurance sector, we seek to convey to insurers the importance and urgency of moving towards the mission of operational excellence to the extent that they can offer products and services based on efficiency, agility and optimal organisational support, transforming the new business and omnichannel vision.
Transformation and continuous improvement applied to insurers’ operational processes are part of the new normal for the industry. Companies that prioritise the simplification of their operational processes with an organisational and technological vision will be able to continue the mission towards operational excellence.
Download the white paper here.
About NTT DATA
NTT DATA – a part of NTT Group – is a trusted global innovator of IT and business services headquartered in Tokyo. We help clients transform through consulting, industry solutions, business process services, IT modernization and managed services. NTT DATA enables clients, as well as society, to move confidently into the digital future. We are committed to our clients’ long-term success and combine global reach with local client attention to serve them in over 50 countries. Visit us at nttdata.com.
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.