Business Growth And Revenue Generation Has Begun To Replace Cost Savings
Steering transformational initiatives within the business environment
One of the PHLY strategic business priorities is improved customer service and ease of doing business with agents– and IT is responding with several projects. These include:
• 2013 Contact Center Management project geared on improving our call center capability due mid- year.
• Automation of our policy renewal Solicitation process– which we are piloting new solution to speed up and make straighter through processing based in close collaboration with our Preferred Agents Council members.
Efforts in driving enterprise wide business process transformation and working on its relationship with it
We are overhauling our core P&C insurance business processes and functionality in billing and claims areas by implementing the marketleading guidewire solution to modernize and provide our scalability for growth. We will also be implementing this platform as a common system across several of our Tokio Marine North America sister companies for significant future operating model and infrastructure leverage and synergies.
Use of data to tackle problems before they occur
Two recently delivered project examples of new technology data driven solutions include:
• Legal Exchange Invoice Review– this solution applied automated rules checking capability to our Claims handling and Legal invoice review legacy processes.
• Loss Control 360- This project eliminated the time wasted in administrative work and reporting lag- time by enabling field personnel with LC360 software and android tablets with camera capability to produce comprehensive, professional looking loss control reports in the field.
Expectations from technology providers to improve business
Our pain points can usually be addressed with solutions that already exist rather than be truly “net new.” Such examples include:
• Speeding up integration points on every one of our IT projects via accelerated use of/ adoption of Enterprise Service Bus (ESB) and Service Oriented Architecture (SOA)
• Access to experienced local talent in key roles such as Senior Business Analysts; seasoned Program/Project Managers and Enterprise Architects and Data Analytic Subject Matter Experts (SMEs).
Changing role as CIO over the Years
I am still less than 6 months in the job at PHLY but would offer the following observations:
• Business growth and revenue generation has begun to replace cost savings and expense management as primary objectives for CIOs.
• I mprovements in business engagement and lastly quantification of value delivered are more critical than ever to demonstrate IT’s commitment to enhancing IT service delivery and experiences up to levels users get in their personal/ home life .
• CIOs must be proactive at creating “headroom” within their existing IT budgets by squeezing legacy infrastructure spending, hardware and software maintenance and licensing arrangements etc. to self-fund innovation and new technology experimentation programs given that budget constraints largely remain.
Impact of social media and other technological trends on the business environment
We are seeing significant uptake (YOY increase) in our digital channel usage for business research and referrals, advocacy and revenue generation. As a result, we have recently completed an aesthetic refresh of our flagship website PHLY.com and content management integration.
Lessons learned and advice to fellow CIOs
• Make sure to actively package and publish the hard and soft business benefits that IT has enabled from various projects.
• Actively network with industry peers and then at least twice annually update senior management regarding the reality of the present state and relative position of the company’s IT agenda.