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Episode Title : Laying out a solid foundation to facilitate DIgital Transformation
Episode Summary: Any transformation starts with a solid foundation. For an organization embarking on a digital transformation should lay out a solid foundation with respect to alignment on business objectives and clear strategy about Data. Similarly, individuals passionate about digital transformation should also focus on laying a solid personal foundation by learning about new technologies and connecting with mentors and people with similar interests.
Topics discussed in this episode:Key aspects of Data in Insurance industry (01:40): A great analogy would be to compare with constructing a building. Very first step would be to have a solid foundation. Similarly, any transformation with a focus on data should focus on the integrity of data or truth as it relates to data. Make sure that the data sources are identified and everyone agrees to it.
Shefali’s personal transformation into digital transformation (06:57): Laziness is the source of much automation and Shefali said her laziness pushed her into looking for ways to use technology to automate tasks. Her focus on learning and establishing meaningful relationships helped her expand her influence in India and also facilitate her move abroad.
Legacy industries versus web-only companies ( 16:32): New technologies like AI are helping expand the market where people who were not traditionally covered are able to get insurance coverage. Examples are the small and medium companies or even individuals can become insurable. Secondly, micro-insurance like coverage for smaller amounts of time or smaller geographies are now possible.
Advice on expanding influence (22:02): Shefali provided plenty of resources to keep learning. Also shared tips on connecting with people and keep building a personal brand to expand into areas like speaking.
Resources mentioned in this episode:
Podcast website: https://DataTransformersPodcast.Com
Ramesh consulting website: https://DigitalTransformationPro,COm
Call To Action:
Connect with Shefali Sonpar:https://www.linkedin.com/in/shefalisonpar/
Follow Data Transformers on Twitter: @DataTransforme2
Listen to other Data Transformer episodes and Rate the episodes.
Data Transformers Podcast
Join Peggy and Ramesh as they explore the exciting world of Data Management, Data Analytics, Data Governance, Data Privacy, Data Security, Artificial Intelligence, Cloud Computing, Internet Of Things.
Episode Title : Digital Transformation in the Insurance Industry with Shefali Sonpar
Episode Summary: Shefali Sonpar is a data and digitization expert with deep expertise in the insurance industry. The episode lays out a broad overview of the commercial and consumer insurance industry. Shefali discusses the importance of an organization’s vision in driving their digitization programs. The advent of technologies such as the Internet of things has provided the insurance industry with many opportunities to fast forward the digitization initiatives with an added focus on data.
Topics discussed in this episode:Layout of the insurance industry (03:14): Shefali gives an overview of the insurance industry both the consumer and commercial industries. She also goes over how technology is involved in the consumer insurance industry from birth to death of almost every individual. And also how the commercial side is intertwined with the consumer side.
Changing landscape of insurance industry with technologies (08:24): With the advent of IOT and devices like Apple watch, insurance industries can now proactively cover and manage risks. For example, by looking at say BMI data, insurance industries can assess the increasing/decreasing health risks of individuals. This in turn might mean reducing claims processing which is a major part of the costs.
Key performance indicators in the insurance industry (13:16): KPIs should be driven by the company’s vision. For example, if an organization’s vision is to be the most profitable company then the KPIs should match that vision. On the other hand, an organization with a vision of the most customer centric business will have different metrics.
Vision to practical implementation (21:43): Successful organizations will drive digital transformation by translating the vision (ex: profitability or customer service) into practical actionable steps with focus on data, data management, and data governance. Having visible success with key programs will put the digital transformation on a faster route.
Resources mentioned in this episode:
Podcast website: https://DataTransformersPodcast.Com
Call to action:
Connect with Shefali Sonpar: https://www.linkedin.com/in/shefalisonpar/
Follow Data Transformers on Twitter: @DataTransforme2
Listen to other Data Transformer episodes and Rate the episodes.
Data Transformers Podcast
Join Peggy and Ramesh as they explore the exciting world of Data Management, Data Analytics, Data Governance, Data Privacy, Data Security, Artificial Intelligence, Cloud Computing, Internet Of Things.
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