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.

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.