Insurance company develops digital strategy to help prioritize technology initiatives
Struggling to proactively address technology needs, this insurance company developed a digital strategy to outline the proper prioritized road map for initiatives to maximize business value.
Client background
This organization is 100+ year-old multi-line, multi-state property and casualty (P&C) insurer with over $300 million in annual direct written premiums, and a variety of legacy business processes born from multiple acquisitions. They provide individuals, families and businesses with the security necessary to protect their assets and grow their enterprises.
The business challenge
This insurer exhibited a reactive approach to addressing technology needs, as they tended to fix issues as they arose without a pre-established strategic direction, making them unable to dive their corporate strategy into the market. Lacking in strategic direction, they were struggling to understand how to prioritize their plethora of technology initiatives – from core systems modernization, data warehouse development, embedded automation, all the way through disaster recovery in the cloud.
They engaged Baker Tilly to assist in developing an end-to-end digital strategy and help to properly prioritize their road map of technology initiatives to maximize business value to their organization.
Strategy and solution
Baker Tilly worked with the organization through a series of strategy articulation and business value prioritization workshops to first define their ideal/target future state from a business and technology perspective, identifying the organization’s business drivers of wanting to enhance their customer experience, streamline operations and be able to make confident data-driven decisions.
We then worked backwards to understand the core operational and technical capabilities the insurer would need to deliver on their target strategy before evaluating the technology options available against their strategic pillars to determine the best fit for delivering on their strategic vision. After estimating what the business value creation would be for their initiatives against the technical feasibility/cost, we were able to develop a prioritized 24-month road map and sequenced implementation plan for their core initiatives that supported their defined strategy and transitioned to lead the development and implementation of the identified solutions.
The digital strategy road map was focused on delivering immediate, iterative value and enabling the insurer to deliver results to their internal and external customers in a rapid fashion. The solution prioritized business integrations which will enable future automation and ultimately optimize process efficiency, data availability and minimize the operational change to the user.