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Digital transformation

As an insurer, master the digital transformation and benefit from long-term customer loyalty and increased process efficiency.
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Insurance companies thrive on making a promise to people - and that promise is security. Crucial to success is not only mastery of new technologies and new forms of collaboration, but above all a change in corporate culture: automation and collaboration with learning systems are changing almost all job roles.

Success in the digital age requires networking and flexibility. This means: access to data and connection to data sources, rapid provision of content in context, and efficient control of operations and processes across company boundaries. As experts for the digital transformation of companies, we would like to support you in your challenges.

Topics that move insurers:

Together, we will find the optimal path to digital transformation. In doing so, we support and accompany you in these four central topics that offer insurance companies great potential.

Data Insights

Acquisition of new knowledge, evaluation of data and creation of predictive models

Digital ecosystem

Networking in the digital ecosystem to deliver services together

Open and secure IT

Secure IT to prevent security risks and meet BaFin requirements

Smart Insurance Workflows

Modern workflows and realization of automation potential in specialist processes
Request a non-binding exchange

What is Digital Transformation?

Digital transformation describes the change in the corporate world brought about by new technologies and the Internet. It is important to note that digital transformation should not be confused with digitization: Digitization generally describes a process in which digital technologies are implemented in an existing process, whereas digital transformation describes the complete transformation of existing processes and business models.

So when we talk about digital transformation, we are talking about the further development of current corporate processes, the customer journey and business models in general. It is already clear here that this process cannot simply happen on the side, but requires skills to be able to apply and use the new digital tools so that dealing with them can improve digital processes in the long term.

Initial situation in the insurance industry

The conditions for digital transformation are actually ideal. With the continuous improvement in the digitization of society and the ubiquity of technology (including continuous Internet access via mobile devices, social media and cloud computing), the foundation for digital transformation has already been laid. However, there appear to be barriers to the development of digital capabilities, as there is generally no single, industry-focused solution, which hinders full digital transformation. But the longer the entire transformation is postponed, the greater the pressure on competitors to act and the higher the implementation costs.

Insurers have therefore already largely recognized the opportunities and necessities of digitization. According to GDV (2021), more and more insurers are investing in digitization. In 2019, spending on IT increased by over 15 percent compared to the previous year. Some are working closely with insurtechs, while others are establishing their own digital subsidiaries. Nevertheless, there is still a lot to do, because digitization does not work from one day to the next - especially in insurance companies, where there are many old-fashioned and slow processes. According to GDV, the highest priorities are data security and data protection, identity management, and the integration of alternative payment processes such as Big Data, robotics, and artificial intelligence.

Do you need support in the implementation and application of new digital technologies?

Prerequisites and goals for successful digital transformation

Agile management & involvement of all stakeholders

It is important to remember that digital transformation is not a project, but a process. Accordingly, it requires an agile management that is prepared to tackle the challenges of this process and, through "trial & error", does not see failure as a mistake, but rather as an opportunity to learn from it. Our experience has also shown that it is very important to involve departments and employees to the maximum throughout the process, because this is the only way to create transparency for the digital transformation and to be able to rely on the support of your employees at all times.

Long-term customer loyalty & increased efficiency

After in-depth analysis of customer experience and approach, digital transformation aims to retain your customers in the long term. In addition, you will achieve a direct increase in efficiency through the successful transformation, as the productivity of your employees will increase and you will thus be able to reduce costs, all with the aim of increasing sales in the long term and sustainably, bringing new products to market quickly and opening up new sales channels.

Our references:

These customers from the insurance industry already trust us:

Referenz

TIMETOACT implements integrated insurance software

Less than one year from project start to system implementation: TIMETOACT developed the integrated, browser-based insurance software "HERMES" for the VOV D&O insurance association. The cross-departmental individual software completely covers all core processes of the insurance company. Users particularly appreciate the intuitive user interface and the high performance of HERMES.
Referenz

Consulting on the ivv collaboration strategy

The future collaboration of ivv is characterized by modern communication and collaboration tools. It is defined for cross-organizational work in association and with external parties.
Referenz

Recertification solution of FI-TS

With the support of TIMETOACT GROUP, the IT service provider succeeded in raising the quality of authorization recertification to a new level.
Digitalisierung mit Google
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Dolphin Technologies

Dolphin Technologies brings drivers and insurance companies closer together with its application. CLOUDPILOTS supports with the infrastructure on Google Cloud Platform.
Referenz 29.03.21

vdek introduces new Data Warehouse solution

The TIMETOACT GROUP supports the Verband der Ersatzkassen e. V. in the switch from a system environment to the latest IBM technology.
Referenz 24.08.23

Less risk and cost for HDI with ISO/IEC 19770-1

HDI AG was the first end-user organization worldwide to be certified according to ISO/IEC 19770-1 in February 2023. TIMETOACT GROUP accompanied HDI with ITAM maturity analyses, identification and implementation of optimization measures as well as in obtaining the certification.

What we can do for you in the area of digital transformation:

Increased investment in financial technology and countless startups for data-based insurance solutions have turned the industry into an innovative digital melting pot. Companies should take advantage of this change and rethink their current business model. With a secure and digitally-enabled operating model, you can significantly increase customer, employee, partner and other stakeholder satisfaction. New digital tools and data-driven technologies are streamlining the product development process, enabling digital interaction, and improving key functions - from marketing and sales to contracts and service departments to finance and accounting.

Companies that manage to harness the digital transformation for themselves benefit from a significant competitive advantage. Customer needs can be identified and better satisfied, and they can also adapt to new market requirements according to the situation and respond flexibly to the changes brought about by digital transformation.

Our services cover the following areas:

  1. Solutions & Platforms
  2. Data, Software & System Engineering
  3. Managed Services & Managed Support
  4. Consulting & Cloud Transformation
  5. Software License Consulting & Sales
Request a non-binding exchange

We use technologies from the following manufacturers:

Logo Microsoft
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Logo Open Source
Logo Oracle

Successfully implementing digital transformation

  • The digital transformation is based on digital technology and its rapid as well as continuous spread will permanently change our society and economy. From applications and digital platforms to networked factories and virtual ways of working, new technologies often change the needs and behaviors of customers, impacting the entire industry. Digital transformation affects and changes all areas of business: Business processes and structures are being put to the test, leadership and corporate culture are changing, and new products and services are constantly emerging.

  • Companies have great potential to optimize operational processes and create future-proof business models through digital transformation. It improves the customer experience and accelerates the decision-making process. These changes bring both challenges and opportunities. Digital transformation is not an off-the-shelf product, but must be actively shaped - whether at the SME or the international corporation. In rare cases, a complete reorganization of the company is necessary; in most cases, it is already small measures and steps that help to drive digitization forward.

  • You benefit from our industry experience, technology expertise and methodological know-how. Discover with us the economically sensible next steps for the digital transformation of your company.

Contact us now!

We would be happy to advise you in a non-binding conversation. Just leave your contact details and we will get back to you as soon as possible.

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