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Takeaways from DXC Connect Insurance Executive Forum 2024, Singapore

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6 August 2024
Max Ang

In July 2024, I had the opportunity to speak and attend the 2024 DXC Connect Insurance Executive Forum and Analyst Lunch in Singapore. The forum included members of the DXC team and insurance customers. The following highlights some of the key takeaways.

As part of the panel discussion during the forum, I provided my views on customer experience through the adoption of data, analytics, and AI, with consideration for data management best practices and inclusion of a data literacy program to educate the organization on utilizing new tools effectively.

DXC’s Strategy

DXC presented a strategy statement that enables DXC Technology to categorize their products into three main categories – Protect, Extend, and Transform. Protect refers to protecting existing investments by current customers. There will be enhancements including maintenance and inclusion of new technologies like managed services to keep and convert current customers. Extend refers to modernization and integration with heritage DXC systems, like enhanced UI/UX and new AI services. Transform refers to business transformation with new products from the ground up.

There were insights on US insurers' migration to the cloud as well. An example is about Lincoln Financial Group's successful migration to AWS cloud. Several insurers case studies including Allianz, Insular Life, and Sun Life, are also shared. These insurers partnered with DXC to transform their businesses, and the collaborations highlight the industry's recognition of the need for digital transformation.

There was a discussion on the importance of data sovereignty in countries like Indonesia and China. Insurers operating in these regions must navigate regulatory requirements and ensure the security and privacy of customer data.

DXC’s framework for customer success, emphasize the importance of listening, learning, and acting. This customer-centric approach ensures that DXC meets clients' unique needs and helps them achieve their business objectives.

DXC also launched the AI Community Forum, which aims to foster collaboration and innovation. This forum provides a platform for industry professionals to share insights and best practices in AI and data residency.

The observability platform market was also discussed. Dynatrace, DXC’s partner for AI-powered observability, shared insights that insurers are exploring these platforms to gain better insights into their operations and improve overall efficiency.

DXC’s Customers Perspective

Lloyd’s highlighted the unique challenges and opportunities in the APAC region. Rapid development, natural catastrophes, and underinsurance are key factors shaping the insurance landscape in this region.

Prudential discussed their longstanding relationship with DXC and the importance of accelerating the target operating model through technology. Prudential's extended SaaS collaboration with DXC across Africa demonstrates their commitment to leveraging technology for business growth and to make business easier to manage.

Customers’ Transformation Initiative with DXC

Great Eastern (GE) embarked on a transformation journey to modernize their systems. The transformation journey faced three main challenges. Firstly, in late 2019, a discovery workshop revealed that the 25-year-old system lacked well-documented documentation. To address this, GE sought consultation from DXC and focused on defining requirements. Secondly, comprehensive testing was crucial as the entire system needed to be replaced. A test plan and scenarios were plotted, and the building process commenced with DXC. Lastly, transitioning from the classic version to Java required reskilling, particularly moving away from COBOL. Management support was instrumental in overcoming these challenges. One of the key benefits of the Integral system was empowering the business to configure rules and conduct testing without customization during the transformation process. This accelerated the overall process, allowing for customization at a later stage and faster product rollouts. The system also provided a dashboard, eliminating the need for archived reports, enabling the business to generate their own reports and utilize template CI/CD. The transformation journey at GE focused on addressing challenges related to documentation, testing, and transitioning to a new technology stack. The adoption of the Integral system empowered the business and streamlined processes, leading to faster product rollouts and increased efficiency.

Dai-Ichi APAC oversee a joint venture in India, Indonesia, and Thailand, with operations in Cambodia, Myanmar, and Australia. The regional headquarters is based in Singapore. The focus is on transformation and leveraging data and AI for innovation. Dai-Ichi has made strategic investments in two insurtech companies, RenewBuy and YuLife, both of which offer gamification solutions. The company utilizes the Ingenium system for policy administration and product management. One of the challenges faced by Dai-Ichi is finding trained COBOL professionals, indicating a reliance on this programming language for their systems. Data residency is a key concern, particularly in Myanmar. To address this, Dai-Ichi is considering a hybrid cloud setup that would allow them to host data within Myanmar. The use of cloud technology also helps mitigate geopolitical risks, as seen in the case of Myanmar. Dai-Ichi’s initiatives revolve around transformation, data, and AI. The company has invested in insurtechs, utilizes the Ingenium system, and is exploring hybrid cloud solutions to address data residency concerns.

Overall, the insurance industry is undergoing an on-going transformation, driven by technological advancements and changing customer expectations. From cloud migration to AI adoption, insurers are embracing new technologies to enhance customer experiences, improve operational efficiency, and drive business growth. The insights shared by DXC and insurance technology leaders during the conference provide valuable perspectives on the challenges and opportunities faced by insurers in this evolving landscape.

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To learn more, Celent tracks this market and has research addressing it (list of recent reports here).If you would like to find out more, please feel free to get in touch with me.

Below are related reports contributed by Celent on this topic:

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