“The extensive interaction with our clients has confirmed that there is a clear interest in increasing digitalization, requiring faster adoption of modern technology.” The extensive interaction with our clients has confirmed that there is a clear interest in increasing digitalization, requiring faster adoption of modern technology. The current strategic objective pursued by insurers is to provide extensive self-service capabilities and adapt their products to the new market trends, accelerating their transformation path as much as possible. In order to achieve this objective, insurance companies needs to be armed with the adequate modern and agile technology.
Insurers must prioritize technology as to improve their performance and, to better understand their customers' needs, provide them with digital experiences, and generate value in the ultimate instance.
Digitalization and the need to apply technology intelligently to operate efficiently are top priorities for the Insurance Industry, and especially the Life & Annuities market, as the often used obsolete inherited legacy generates a high cost base and does not provide the required level of user experience.
Annuities companies acquire competitive advantage by digitizing with GIDP
If the world evolves, solutions should evolve as well. With the aim of fulfilling this statement, at NTT DATA we have developed the Global Insurance Digital Platform (GIDP), providing easy access to insurers to a wide range of technological solutions within our ecosystem of partners.
GIDP follows the idea of “doing it right, instead of doing it by yourself” and “sharing instead of owing”, benefiting from all the effects of mutualisation. NTT DATA’s platform enables the insurer to empower itself with the most suitable options to face competition. Using a shared technology stack, which is as well risk-free and future-proof, leads to an increase of agility and time to market and at the same time lowers the TCO significantly.
Combining the solutions offered within our ecosystem with the insurers’ unique business knowledge and know-how, will allow the company to become a powerhouse, to be a lead orchestrator instead of simply a tool builder. As a trusted digital innovator, from NTT DATA we can help Life & Annuities insurers to find their way in the myriad of possibilities and define and realize their smart transformation journey adapted to their own specific reality.
Digitalization is the order of the day, and it is not a trend or an option for Insurance companies, but a need if they want to achieve their digital business objectives and acquire competitive advantage. We want to sensitize Life & Annuities executives about the development of the industry, raise awareness of the different challenges and encourage them to consider our proposals and solutions within their roadmap, in order to succeed in their transformation.