CIOs must drive digital change through innovative experiments with new products and service offerings by leveraging the agility and scalability of the digital business platform. Consistently.

CIOs must develop a long-term vision and gradually evolve their existing IT architectures by evaluating each capability of the digital business platform in detail to determine the key technologies needed to support business function. As a next step, a gap analysis experiment will help identify the technologies that are already in-place, versus those that are needed to fill necessary gaps for business strategy execution.

By balancing the five components of the digital business platform, CIOs get individual architectural roadmaps that are specific to their markets, lines of business, business models and long-term digital visions. Five components of the digital business platform are –

  • Information Systems – Supporting a company‚Äôs back-office operations, for example, policy administration and financial accounting.
  • Customer Experience – Like customer portals, mobile apps, and digital experience platforms.
  • Data and Analytics – Consisting of information management tools, metadata models, data architecture structures, fraud analytics) and artificial intelligence (AI) capabilities.
  • The Internet of Things (IoT) – Connects physical assets for monitoring, optimization, control and monetization.
  • Ecosystems – Supporting connections to external business ecosystems. Blockchain and API orchestration and management tools are examples of potential ecosystem-related technologies

#Smartify your Path:

Haystream can help CIOs build a customized digital business platform roadmap to enable both business optimization and digital transformation prioritizing investments based on their long-term digital strategy, vision and risk tolerance.

Haystream has stellar success stories that talks about solving the following for the CIOs in the Insurance industry:

  • Legacy Transformation
  • Portal Strategy and Assessment
  • Application Portfolio Rationalization
  • Operations Automation
  • Data and Analytics Strategy
  • AI Experiments

#Smartify your Strategy:

Haystream will help CIOs identify the most impactful technologies for each component of the digital business platform:

  • Data – Build and enable enterprise intelligence through implementation of emerging technologies. Some of the most critical today are fraud analytics, behavioral analytics, advanced analytics solutions (for example, predictive modelling), and AI.
  • Customers – To enable new digitally powered customer experience, it is imperative that technologies like virtual assistants, video chat, digital experience platforms, the IoT and AI/chatbots are deployed.
  • IoT – Newer digital platforms must support wearables, IoT platforms, reward and loyalty programs that leverage IoT data, connected home devices, telematics, autonomous vehicles and drones. The IoT will be essential for long term as insurers implement programs for customer connectivity and short term for premium discounts and loyalty programs etc.,
  • Partners – With Haystream, every insurer can be innovative and leverage business ecosystems as a key component of your digital insurance transformation strategy. Enabling business ecosystems will require API mediation tools, smart contacts, blockchain, agent digitalization solutions and insurance exchanges
  • Employees – Core operations will be modernized, creating efficiencies and scale by leveraging AI, analytics and collaboration platforms, on-demand and function as a service including cloud enabled, modular and built using APIs or integrations, software-designed architecture, microservices and advanced automation tools like robotic process automation and intelligence process automation.

Haystream can help Insurers:

  • Modernize your legacy system architecture and identify pain-points, opportunities and platforms
  • Rationalize and modernize your applications portfolio to meet business needs with low TCO
  • Focus on key aspects such as digital strategy and innovation (Cloud, Data, AI), operations automation, digital technology enablement & integration for delivering a future state roadmap keeping your long-term vision in mind
  • Redesign your business processes and recommend a complete operations automation
  • Use KPIs and metrics for comparison and trends analysis
  • Leverage data mining to improve business value
  • Fraud detection and prevention
  • Improve compliance

Life Insurance

CIOs must drive digital change through innovative experiments with new products and service offerings by leveraging the agility and scalability of the digital business platform. Consistently.