What is Digital Transformation in the Insurance Industry? CXOTalk

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#DigitalTransformation #Insurance
What is digital transformation in the insurance industry? For Baloise Group, a major Swiss insurance company, digital transformation is the foundation of the company's business strategy. Digital transformation starts by focusing on company culture, new business models, and moving to the cloud. We speak with the Chief Technology Officer of Baloise Group AG, Dr. Alexander Bockelmann, to learn more.
In this conversation, you will learn about:
-- What is digital transformation?
-- Employee experience and customer experience in digital transformation
-- Digital transformation and culture change management
-- How to link technology and business goals?
-- Overcoming digital transformation challenges
-- Building an open innovation ecosystem with customers and partners
-- Customer satisfaction beyond traditional financial services
-- Cloud strategy and digital transformation
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Read the full transcript: www.cxotalk.com/episode/digit...
Dr. Alexander Bockelmann is Chief Technology Officer and member of the Management Board at Baloise Group AG.
He studied in Germany and the UK, before completing his doctorate at the University of Tübingen’s faculty of geosciences. Dr. Bockelmann is a proven expert in digitalization and transformation and has many years of experience in the industry. He previously worked as an IT strategy and transformation consultant at the Boston Consulting Group and in various senior roles at Allianz SE in Germany and the USA. At the end of 2013, he moved to UNIQA Insurance Group AG in Austria in the role of Group CIO and ultimately became Chief Digital Officer on the Management Board.
From the transcript:
Michael Krigsman: What are the challenges associated with digital transformation?
Dr. Alexander Bockelmann: We are a company that is over 150 years old. We have obviously a strong and proud history.
One of the challenges is obviously the megatrends in the market that everybody is facing to a certain extent, which is the changing socioeconomic trends and new customer expectations and behaviors.
But also, from an insurance and banking point of view, we have the challenges of growing regulation and of the very long-term low-interest-rate environment, which put also pressure on our change activities to reinvent how we work in this environment from an asset allocation and liability point of view. We also have the challenge of overcoming our internal complexity and also our technical debt.
We need to be very rigorous-we call it Radical Simplification-to focus our core, meaning we want to streamline products and services, and to reinvent how we deliver our business capabilities and our services to our customers and partners. That's where all the topics of customer journeys and so forth are in.
But also, we believe that insurance is coming under pressure and you need to diversify to be successful in the future. That's where our activities outside of the core in the new ecosystems and broader FinTech environments are happening.
The fourth complexity is cultural change. That is not only the behavior part that we already discussed but also the topic of strategic skilling and talent development, which for us is very important.
For example, we allow all our employees 10% of their time for continuous learning because we strongly believe that if you want to be successful in an everchanging and faster-changing market environment, you need to have a very skilled and up-to-date workforce to be able to help you weather the storms of current markets.