Today’s technology has enabled companies to access and analyze data at a dizzying rate. It is creating disruption for many industries, as companies like Amazon, Google and Apple change the way people live, shop and engage with each other. This shift in expectations and experiences has affected the financial services industry as well. Many companies are exploring new ways to reach consumers, underwrite their products and improve their business operations. In fact, LIMRA research shows that 80 percent of U.S. life insurers have implemented or are piloting Big Data and data analytics initiatives.
Yet, deciding to “go digital” is not without its challenges. Companies should determine which technologies will help a company reach its enterprise goals; explore effective operational methods (such as AGILE) to execute a company’s digital transformation; and develop a plan to ward off cyber threats that evolve from the adoption of digital platforms. In many cases, today’s leaders are facing uncharted territory and often value understanding how others are dealing with these challenges. Through its research, committees and study groups, LIMRA has uncovered some of the best practices and lessons learned that can be invaluable to companies as they advance their own digital strategy.
In this episode of LIMRA Unplugged, Jim Kerley talks with Kartik Sakthivel, LIMRA’s chief information officer, about what LIMRA has learned about how companies are using technology to advance their digital strategy, as well as share examples of how LIMRA is itself transforming to meet its members evolving needs.
To watch the video, please visit: Touching Base with Technology.