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Using the digital transformation in the insurance industry as an opportunity

Digitalization in the insurance industry

Insurance companies are in the midst of a comprehensive digital transformation. In particular, customer preferences have changed and competition has intensified. The insurance industry must understand and use the necessary digitalization as an opportunity. Therefore, AdEx Partners supports insurance companies in actively shaping these changes, using them as an opportunity for growth, managing them efficiently and implementing them successfully. On the business side and in IT, we accompany complex digital transformations of insurance companies end-to-end with our experienced experts.

Challenges for insurance companies

Insurance helps its customers protect important values: Health, property and quality of life. In this way, insurance helps and supports people to return to their daily lives in the event of damage or loss.

But who helps insurance companies with the current dangers as well as the disruptions of the business model and the sometimes rapid changes in customer needs as the following examples show:

  • Self-driving vehicles will transform the business model around vehicle insurance.
  • Virtual possessions, such as digital clothing as NTFs in Metaverse and personal or business data on cell phones and computers, are becoming more important than physical items such as real estate or household goods.
  • Cyber security is playing an increasingly important role. IT crimes cause lasting damage to both companies and private individuals
  • Climate change is rapidly altering the fundamentals of risk models on which insurance products are based.
  • Everyday life is increasingly supported by sensor technology. Wearables and telematics, for example, are changing the data basis for customers and their behavior. This opens up new worlds in product development and risk assessment.

At AdEx Partners, we have solutions for this and other market challenges.

Our 5 Hot Topics for the Insurance Industry

Customer orientation

With the customer at the center Rethinking products and processes

Time-to-market and costs

Finding the right IT strategy growth and profitability of the company

Cyber-Security

Establishment and expansion of the company's own capabilities for adequate information security

Innovation

Actively shaping the future with Business Model Transformation

Regulatory

From efficient implementation of legal guidelines to constantly improving organization

Customer orientation - contact with the customer is Key

Observation / Problem

Too little customer feedback reaches the responsible insurance divisions - especially via the (sometimes overburdened) sales structures.

Online sales channels are set up in separate organizations and not integrated into the omnichannel approach.

The insurance divisions are strongly oriented toward competitors and market leaders.

The basic business model is still "money against claims". Services that help customers in their life situation are only partially developed.

Little is still being done with existing customer data.

[Translate to English:] Den Kunden der Versicherungen in den Mittelpunkt rücken mit AdEx Partners

Approaches

Marketing & Sales Optimierung

  • Rethinking the customer strategy
  • Derive realignment sales customer journey in goals, organization, processes
  • Optimize sales processes in the dimensions contribution, efficiency, people

Customer Centricity

  • Holistic transformation to Customer Centricity via the company's value creation process to new products and services
  • Establishing a resilient and continuous feedback loop to the customer and deriving adjustments in the interest of the customer

Time to Market and Costs - The Growth Hurdles Grow...

Observation / Problem

Many applications are outdated and inflexible. Quote: "Our IT is too expensive and too slow".

Developers:inside can hardly be won over to old technologies.

Migration of core applications is expensive and lengthy due to the duration of insurance products.

In particular, overarching regulatory requirements put a strain on the too few employees.

The proportion of manual activities in the business units is high.

[Translate to English:] Erfolgreiches Implementieren einer IT Architektur in der Versicherungsbranche mit AdEx Partners

Approaches

Architecture & Technology

  • Establish enterprise architecture management with strategic further development of the IT landscape
  • Adjustment of IT strategy and operating model

ERP Transformation in the dimensions application landscape, processes & data, organization

  • Increase business and digital alignment
  • Derive appropriate scenarios and recommendations

Emloyee Centricity

  • Finding and promoting the right employees internally and externally with talent management
  • Becoming an attractive employer (employee experience)

Cyber Security - Safety first!

Observation / Problem

The expertise needed to build and expand cyber security is hard to come by on the market.

Opening of architectures in the direction of the cloud brings a new dimension of heterogeneity to the topic.

Since a lot of personal customer data is collected and processed, the criticality of the topic is high.

[Translate to English:] Cyber Security in der Versicherungsbranche ist ein Must Have - AdEx Partners

Approaches

Architecture & Technology

  • Assessment, gap analysis and strategy development for cyber security and business continuity management
  • Holistic management in the establishment of cyber security processes, methods, skills and organizations

Innovation – Change a winning team!

Observation / Problem

The current core business is often very profitable for insurers. The current interest rate increases additionally stabilize revenues.

Insuretechs are growing, but they only take up a small part of the market.

Insurers are often fundamentally risk-averse, which is reflected in cautious investments in new technology and ideas.

Innovation tends to be outsourced, via accelerators or creation of fast boats.

Company-wide digitization initiatives have not been successful.

[Translate to English:] Innovation ist in der Versicherungsbranche unabdingbar - AdEx Partners bietet die Lösungen

Approaches

Business Model Transformation

Leading and guiding the holistic change of one's own business model in order to meet changing customer needs and dynamic market changes in a sustainable way

  • Analysis and assessment of the current business model and corporate strategy based on best practices
  • Preparation of scenarios for the decision of targeted step-by-step changes including new business ideas
  • Building a (digital) roadmap
  • Steering the holistic transformation

Regulatory - Does it have to be...!

Observation / Problem

The proportion of regulatory topics in the change portfolios remains high.

Often, these topics are additionally dumped into the organization "unplanned".

Due to the rather Tayloristic organizations, there is a lack of identification of the individuals with the goals of these topics.

[Translate to English:] Transformation Management in der Versicherungsbranche - AdEx Partners

Approaches

Transformation Management

Setting up a fundamental change, with which all organizational units independently develop the maturity level of the processes and services for which they are responsible (--> making performance measurable and controlling it, targeted change on the basis of the strategy, continuous optimization) in the dimensions of

  • People, culture and leadership
  • Business and IT operating models
  • Holistic and consistent strategy

Your contact persons

[Translate to English:] Johannes Nordhaus
Johannes Nordhaus Expert for insurances
[Translate to English:] Mario Sdorra
Mario Sdorra Expert for insurances
Christian Noelle Expert for insurances