No one can question the challenges facing internal teams to deliver digital transformation, or the fact it is preventing the insurance industry progressing into exciting new areas; from the provision of interactive customer experiences to the use of ‘big’ data to make agile business decisions to maintain and improve their competitive edge.
In the complex world of outwards/ceded reinsurance, the latter is particularly true. Cenata provides a leading-edge cloud-based solution, with a tried and tested delivery methodology that simplifies the implementation process to overcome those transformation barriers.
The recent Cognizant report (Cognizant: Overcoming the barriers to digital transformation in the London Market) is another in the long line of articles offering another perspective on this perennial London market problem. The report reviews those barriers to digital transformation, and points to the industry commonalties that continue to undermine the successful introduction of change and ultimately slowing progress down.
“92% of companies struggle to understand and define the benefits of change”
It is easy to point to the need for change in order to improve business processes, but the report points to how hard it is to accurately identify those areas for change; the business benefits that can arise from such change; and communicate those reasons for change with all staff who are impacted. The report statistics and conclusions suggest that the failure lies with the insurers (especially at executive level) regarding strategy, accuracy around deliverables, funding, and communication.
However, with a hugely successful software change and delivery record we, at Cenata, disagree. As a team we have been working successfully with the above issues for over 20 years mitigating them through the development of an engagement process guaranteed to ensure a successful outwards reinsurance solution delivery. This means that together we will build a strategy to take you from initial engagement through a detailed requirements capture; known as the discovery phase, through go-live, into years of profitable use.
At Cenata we appreciate that each client faces different challenges, but these are the typical pain points that are shared within the industry around the implementation of an outwards reinsurance solution.
- Downstream reporting, financial, exposure/buying
- Multiple versions of the truth
- Contracts performing
- Optimised (group) buying
- Missed premium and claims recoveries
- Key man dependency
- Overly high costs to process
- Quarter end backlogs
- Cash flow management
- Regulatory reporting throughout the organisation
With the benefits being clearly confirmed and agreed in the discovery phase the process of communicating the business benefits to departments impacted by these changes becomes straightforward.
“57% culture resistance to change”
As initiatives progress, insurance companies face the broader barrier of culture resistance to change – which rises from 51% during the planning phase to 57% post-implementation. Culture resistance can happen for several reasons, such as the use of legacy systems because the benefits of modern technology are not understood and defined – this information can often be lost in translation. Consequently, 33% of employers struggle to convince their employees of the benefits a change might bring. This then becomes the biggest single issue post implementation as this percentage increases by 6%.
Therefore, it has become increasingly important for the positives of strategic change to be communicated clearly through actions identified in the discovery phase so that any emerging problems or queries can be identified quicker so that they can be mitigated, and communicated as part of minimising project fatigue.
“58% of firms are not confident they can maintain a modern IT architecture”
As an outwards reinsurance solution provider with an experienced team, in which each team member typically has more than 20 years of reinsurance experience, Cenata understand the value of keeping technology and software versions up to date. Cenata SURE is a cloud-based solution, and with a CI/CD (Continuous Innovation, Continuous Deployment) upgrade strategy, we continue to ensure that you are on the latest version of the software, removing the need for regular, time-consuming and expensive upgrades.
Change is never easy to implement in an organisation, especially when there is history of resistance to change. Therefore, it is important that you select a deeply experienced, expert partner such as Cenata. We will partner with you to successfully deliver both your transformation strategy and Cenata SURE, a real-time cloud-based solution that we anticipate will pay for itself within the first two years of use. That is the Cenata SURE success statistic.
Please contact us for more information on 020 3855 5506 or email .
