Digitization is currently experiencing an unprecedented boom. A fundamental digital transformation is about more than just providing technical infrastructure and supporting traditional processes. All possibilities should be used that the new technologies, such as artificial intelligence (AI), robotics and big data, have available. This results in entirely new strategies, business models, value chains and ecosystems.
The development of sustainable AI, RPA and data strategies requires appropriate economic and technical expert know-how. For example, AI is about learning based on the decisions of the technical experts, the further development of the AI algorithms through structured and unstructured data, and the interaction between humans and machines.
Insurance companies should be aware of the objectives underlying the use of the respective technologies and data models to set up sustainable, successful strategies, set up roadmaps and provide reasonable budgets and resources for the projects.
Data and analysis methods are essential for implementing strategic goals of the transformation of the insurance industry and form the basis for the next level of digitization and data-driven insurance. A particular focus should be placed on the organization and operation to get the maximum potential from the respective technology and be in harmony with the corporate strategy. The organizational and procedural framework conditions are probably even more important here than the technical platform.
It has been shown that the organization and the people are decisive for the excellent development of an AI-supported and data-driven insurance company. The wisdom that the founder of modern management Peter Drucker once formulated applies here: “Corporate culture eats strategy for breakfast.” What applies to strategy in general also applies to technological strategy, initiatives and programs: only if the organizational framework is correct, only if the employees are taken along, only if they understand the meaning behind technology and are aware of the advantages of using it, then they will be ready to break new ground.
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