News

Old Technologies - It is OK to plug the gaps

24 August 2016

Last time I spoke about lost opportunities and the fact that too often new technology is used to duplicate products and processes that already exist. But this time I'd like to explore the idea that old doesn't always mean past it.

The right tools can certainly allow you to throw away the existing, dusty product and process manuals and start again, but they should also allow you to keep the best of what is already there.

For example, we have come across the following:

They both have elements that work, but they both have gaps that cause compromise and workarounds. The results can be inefficiency, frustration and, ultimately, a disappointing customer experience.

The trouble is that workarounds almost always become standard practice. Initially, the business accepts a workaround because it has to, otherwise the job won't get done. Then, after a while, because the system is seen to work, and because there is a perception that change means time and money, nothing is changed. Eventually, management forget that the inefficient workarounds have been left in place.

There really is a middle ground. You can keep everything that works and use new technology to plug the gaps. This bears no similarity to workarounds that are usually manual and involve disparate systems that don’t talk to each other. The latest technologies integrate with your existing solutions as interoperable services that can seamlessly support your full business processes.

With modern systems, there is no excuse for accepting the mediocre or facing huge risk. First listen to your staff and customers. Identify the gaps in efficiency and delivery. Then go to market to find a solution that offers true service-orientated architecture to help you solve your business problems.

Your solution might be an entirely new system, enabling new processes that take advantage of new technology. Or it might be a number of smaller solutions that plug the gaps in your otherwise servicable system that is far from past it at the moment.

I make no apologies for ending on the same note as last time, as it needs repeating:

The best technology is simply an enabler. The real creativity lies with the people who understand what their market needs and can articulate a vision. Technology enables you to realise your vision and grasp the opportunities on offer.

Latest Blogs

2017

October

What does the future hold for commercial insurance?

September

Insurance is changing – time to adapt and survive

August

Does AI deserve the headlines?

May

Seeing through the eyes of the customer

April

Insurance technology – simplify the complex

March

InsurTech, ignore it at your peril!

2016

December

It’s Crystal-Ball Gazing Time Again

November

How ready are you to combat fraud?

October

Actions speak louder than words

September

Efficiency, agility, and profitability

How can you be more customer-centric?

August

Old Technologies - It is OK to plug the gaps

New Technologies - Same Old Systems

June

Running to stand still

May

Is your business ready to adapt?

March

No, seriously, what can you claim about your claim systems?

What can you claim about your claim systems?

February

It's people that have the ideas

January

Separating the Movers from the Shakers in 2016

2015

November

The challenge to be different – it’s all about the people

September

Security, Simplicity and Speed - the future of Financial Services

July

The New Breed of Quote and Rating Modules

June

INSURANCE INNOVATION SUMMIT 2015 - Hosted by Ingenin Ltd

April

Speed and Personalisation – aspiration or reality?

March

Team spirit is an illusion glimpsed in the aftermath of victory... or is it?

January

David or Goliath?

2014

December

What's your New Year resolution? Here are three of ours

November

2014 Insurance Technology Event - Championing Innovation - Hosted by Post Events

The maverick in the ranks - how do we deal with the talented non-conformist?

September

Are you Responsible, Chilled, Sociable, or Happy?

August

A Customer for Life

July

Being different

June

Cloud computing – a huge opportunity for the Insurance Industry

May

Past failure is a threat to future success

April

It isn’t broken yet - is change too risky?

March

Today’s word is ENABLE

What is Value for Money?

February

How to make vision a reality – it’s not that difficult

The Challenge IS the Opportunity

January

Instil a culture of innovation and creativity

Three steps to success in 2014

2013

December

What customers want from the Life Insurance industry

Themes from Insurance Strategy Insights event

November

The need for competition

Insight must lead to action

What is disruptive technology?

October

Closing the insurance delivery gap

September

Reliability much more important than price

August

Where has all the creativity and innovation gone?

Is there too much fear in business?

July

"Simplicity" is not as simple as it looks

Time for Innovation

Standing out from the crowd

June

Insurers need to innovate and excite - or die

May

The danger of business inertia

April

The BIG Decisions

The work/life balance

Coping with exploding data

March

Trust and loyalty go hand in hand

February

Bold and brave

January

To stand still is to go backwards

2012

December

The year ahead in Financial Services

Love it or hate it, you can't ignore the influence of Twitter

When is it better to 'start again'?

November

Differentiation is the key

October

Solvency ll - may be delayed but certainly won't go away!

Better by the bundle?

Insurance and the net

Personalised technology

September

USA leads the way

August

Technology gold medals

New is not always better

Stand still and get left behind!

July

Social media blamed for poor data flow

Banks will abandon 50 per cent of branches in 8 years