Innovation and transformative thinking are more than just buzz phrases for insurers' IT organizations. In an effort to avoid their own Kodak or Blockbuster moments, CIOs and their teams increasingly are focused on how technology can be leveraged to create real and meaningful differentiation for their carriers. It is both a valued undertaking and a legitimate concern if they fail. With many aspects of insurance now highly commoditized and new competitive threats emerging, just getting better at the same old things won’t be good enough. In fact, that may be the path to a death by a thousand cuts.
As a result, a rigorous governance and prioritization process becomes an early requirement for this new order of things. Can anyone deliver power better than the local public utility? Or email better than a legitimate cloud provider like Google or Microsoft? In both cases the answer is “no,” although hobbyist interest will persist.
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