International Insurance Group - Digital / IT Strategy

The insurance group has been well-positioned in the international market for many years. The digital revolution, new corporate client needs, and shifts in consumer behavior are significant drivers for the corporate strategy, which triggers a broad business / digital / IT transformation encompassing substantial changes throughout the group.

Corporate IT plays a vital part in this strategy. It needs to define a holistic digital / IT strategy considering all aspects across the topics data, applications, infrastructure, processes, organization, sourcing, people, and KPIs. Each of the topics needs a defined as-is state and target states for core IT, digital solutions, and up to potential digital ventures which are driven "green field" outside the established business lines.

Challenges and opportunities are manifold, including a cloud-first strategy, rethinking applications, platforms, and IT infrastructure, establishing modern IT processes at scale covering classical project management and agile methods, ensuring proper IT security capabilities up to rethinking the collaboration model between headquarters and international subsidiaries as well as the collaboration model between the central IT and potential digital ventures.

The goal of the project was to develop a new technology-oriented digital / IT strategy, considering the following key points in particular:

• Align with the re-thought business strategy and included digitalization and application strategies
• Reflect the needs and priorities of the business functions and related peer functions
• Understand the strengths and weaknesses of the current IT landscape, the IT operating model as well as the context of architecture, IT sourcing, the project portfolio, and business / IT alignment
• Consider platform approaches and relevant emerging technologies
• Consider the identified challenges and opportunities in including a cloud-first strategy, rethinking applications, platforms, and IT infrastructure, establishing modern IT processes at scale covering classical project management and agile methods, ensuring proper IT security capabilities up to rethinking the collaboration model between headquarters and international subsidiaries as well as the collaboration model between the central IT and potential digital ventures

The following approach has been taken to develop a new technology-oriented digital / IT strategy with vital elements in IT security, modern IT service management, and IT sourcing:

• Settings session(s) with the core team for developing and driving the new IT strategy
• Analysis of the existing IT strategy and key documents, as well as a briefing workshop series with the IT executives
• Development of an updated IT vision and guiding principles
• Design of an architectural target picture, depicting key elements and formulating vision, requirements, and the road to reach the target state
• Development of an updated capabilities map and cornerstones for the IT operating model focusing on operational IT processes, IT security, cloud, IT service management, and the possibility of major IT sourcing changes
• Drafting a strategic roadmap to implement the digital / IT strategy
• Finalization and communication of the formal digital / IT strategy 

The project length for developing a new technology-oriented digital / IT strategy with vital elements in IT security, modern IT service management, and IT sourcing  was approximately 5 months.