PURPOSE
This playbook outlines how insurance companies must evolve their delivery architectures to meet the demands of their users, reduce risk and meet regulatory compliance. Insurers’ employees, partners and customers are increasingly interacting at the digital edge, where commerce, population centers and digital ecosystems intersect. This playbook will help insurance ecosystem participants accelerate their transformation and delivery of capabilities via a distributed interconnection platform at the digital edge.
CHALLENGE
Digital disruption is hitting insurance firms hard as standard revenue/profit models are challenged by more competitive offerings. Consumers with “trust issues” are demanding secure, transparent digital interactions with insurance providers that they can better control. Compliance complexity and costs are rising, while insurance IT budgets are constrained. Disruptive entrants are leveraging InsurTech partners to speed the creation of digitized offerings.
Insurers are being forced to innovate at a much faster pace than their traditional IT infrastructures can handle, and fears that new technology will introduce risk is slowing digital adoption, putting insurance companies behind the competitive curve.
NEED
Insurance businesses require scalable digital delivery models with rich analytics for greater consumer insights to tailor solutions and maintain customer loyalty. This requires a re-architecture to a business model based on interconnection and colocation with distributed control points. By following the three-step strategy in this playbook, you can locally place digital capabilities and build private exchange points adjacent to ecosystems, customers and cloud providers to scale, increase revenues and achieve greater data protection and compliance.