The most progressive companies leverage technology and their digital programs as a means to upend the traditional paradigm. "The Digital Divide" and this paper provide insights on how to effectively bridge IT investment and business value delivery.
The insurance industry has been going through an accelerated digital transformation over the past several years. An age-old problem across our industry is the ability to strike an effective balance between IT investment and creation of business value. Once considered as "IT costs", the industry now looks at this "spend" as an investment in their viability and vibrancy. There are certain levers that Business and Technology leaders can pull in order to potentially optimize their IT investment, while increasing the business value.
New tech-driven strategy requires four major shifts:
Increase focus on transformational priorities
Increase focus on long term objectives
Slightly increase focus on technology foundations and core modernization
Increase focus on business value
The time is now for carriers to shift how they strategically think about technology value and priorities and embed operational changes to enable this shift.
This paper offers a broad set of questions and considerations for organizations to keep top of mind in their technology journey, as they adapt to changing realities and position themselves for future growth.
As chief information officer for LIMRA and LOMA, Kartik Sakthivel is responsible for developing the information technology strategic direction for the enterprise. In this capacity, he directs and manages computing and information technology policies, programs and schedules for business and enterprise systems, and manages information services to meet LIMRA and LOMA’s corporate goals and objectives.
An industry thought leader, he champions the use of technology to improve the revenue, profitability, and efficiency of the organization. Joining LIMRA and LOMA in 2017, Sakthivel has broad industry experience, most recently as director of technology at Liberty Mutual Insurance.
He holds a doctorate in Computer and Information Sciences with a focus on AI and Information Quality from University of Arkansas at Little Rock, and a Master of Science in Computer Information Systems/Information Technology, as well as a Master of Business Administration from Southern New Hampshire University.