Toronto, ON (July 31, 2014) – NTT DATA capabilities were recently highlighted in a perspective produced by the firm Strategy Meets Action (SMA) on the Changing Face of Modernization in the Insurance vertical. As SMA reminds us, “Modernization is not the ultimate goal. It is a significant means with which to achieve the strategic and essential initiatives that will lead to the ultimate goals: competitive advantage and profitable growth.”
Competitive advantage is a moving target, yet disruptive technologies such as cloud, social media, and mobility have achieved wide adoption already. Therefore, in order to truly advance capabilities, insurers need to look further than core applications, and into the new technologies that enable and extend those core applications. Modernization initiatives today require a strategy for data analytics, mobile applications, effective use of cloud computing, and social media, to name a few.
Numerous aspects of the insurance value chain are impacted by the adoption of these new technologies. From more engaging customer interactions and distribution channels, to new insurance product introduction and greater business insight, enhanced technology can have a positive, streamlining effect. Yet, many carriers fail in the process of adopting new technology, thus alienating business stakeholder appetite for modernization initiatives. In falling back to familiar legacy technologies, carriers fail to take advantage of the cost savings and revenue growth potential inherent to these new technologies.
NTT DATA shares SMA’s view that the winners of tomorrow will be the carriers today who successfully harness the game-changing power of cloud, mobile, social media, and data analytics.
Read the SMA Perspective “Changing Face of Modernization.”
To learn more on how NTT DATA helps insurance companies accelerate their modernization journey, visit our website.
About NTT DATA
NTT DATA is a Global IT Innovator delivering technology-enabled services and solutions to clients around the world. The company provides consulting, managed services, projects, outsourcing, and cloud-based solutions to mid-sized and large enterprises in all major industries.
Source: NTT DATATags: modernization, NTT DATA, Strategy Meets Action (SMA)