ITC DIA Europe

How to create digital transformation at scale

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Feb 21, 2024

When we talk about Digital transformation, where should insurers focus for the most impact and to achieve tangible results? How can insurers implement new solutions at scale and what are the biggest challenges? And how can insurers accelerate the ways of doing things as a technology provider?

At ITC DIA Europe 2023 in Barcelona, Talk Show host Alexander Paruschke, Managing Partner at Apcore, discussed with insurance- and tech leaders how to tackle these challenges and how to create digital transformation at scale. He was joined by Graham Gordon, Product Strategy Director P&C at Sapiens, Stefano De Liguoro, Chief Digital Officer, Izabella Molnar, Chief Digital Transformation Officer at Ethias, and Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Group. We sat down with Graham Gordon from Sapiens, to get his perspective on successfully scaling digital transformation in insurance.

When we talk about digital transformation at larger carriers, the focus is often on providing real solutions to the end customers. What are the types of projects that will lead to tangible results for these larger carriers?

Graham: “There are a couple of things going on when you talk about digital transformation. Everyone is doing it and trying to scale it. One of the most important things to do is to put all of this into some sort of context. I call this the ‘Coming Battle for the Consumer’. This is what the executives of the insurance companies that we work with are telling us.

Let’s take a look at car manufacturers for example. Car manufacturers are now buying insurance software. They’re not buying it for production purposes. They’re buying it because they understand mobility. They understand subscription services for vehicles, and they understand that they’re going to be selling insurance very differently than what they have done in the past. Another motivation for insurers to invest in digital transformation is the position of the new breed of digital banks and the amount of data that they have. Just think about how much a digital bank knows about their customer, who they’re paying, what they pay and how, that’s astonishing. The banks have a customer base and they have all this data on top of it. So the Battle for the Consumer is on – and insurers need to make sure they’re in a good position to compete.

What are the main challenges you see when implementing solutions at larger carriers?

“Implementation just necessarily doesn’t always go as it should go. You should focus on the elements that scale and make a difference. Once you understand that, you’re dealing with all the problems quicker, with high frequency, with the kind of volume issues that you would expect to see. You will uncover problems sooner, but you’ll also get to the ROI very quickly. The traditional approach has been to start softly and gently and then work our way up to the big products. I believe we should turn this around: just get on with it. You’re going to save a lot of time and money and you’re going to energize the business more.”

What can you tell us about how to accelerate the ways of doing things as a technology provider such as Sapiens?

“To me, this is a question about people and employment – and bringing the right people into the organisation. No one is going out to recruit bad people. The mindset is that we want to bring the best people in technology into our world. And insurers are in a good position to do this: just look at the compliant data sets that insurance companies hold on consumers, businesses, physical objects, and how they interact in a real world environment. And just think about what we can do in terms of technology and these data sets: lots of inspiration and interesting opportunities we can provide to potential employees. We should be a magnet for talented people coming into our industry and we should be attracting the very best.”

Who is Sapiens?

Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens’ cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data and digital domains to accelerate their clients’ digital transformation. Serving over 600 companies in 30 countries, Sapiens offers insurers across Property & Casualty, Workers’ Compensation and Life Insurance markets a comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

Graham Gordon, Product Strategy Director P&C, Sapiens
Amsterdam 12-13 June

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