Reimagining processes and strengthening partnerships: a global perspective on digital transformation
Innovation -
In a recent meeting ahead of the Insuretech Conference in Sydney, Stephen Barnham, Global Chief Digital Information Officer for Dai-ichi Life (TAL’s parent company), shared his insights on the future of digital technology and partnerships. Joined by Hinesh Chauhan, TAL’s Chief Information Officer, the discussion highlighted the importance of reimagining processes and fostering global collaboration to drive efficiency and innovation in the insurance industry.
Reimagining processes for better efficiency
"When new technology is introduced, it often disappoints... there seems to be some kind of delay, at least from when we deploy the new technology to benefit realisation”.
The introduction of new technology often brings with it high expectations, but the reality can be more nuanced. To explain, Stephen recounted a personal experience with an app of a car rental service in Japan that failed to deliver on its promise of efficiency. "I envisioned the app to seamlessly handle everything—automatically verify my license, process the fees, provide immediate confirmation, and grant keyless access to the car. The reality was that all these steps were still manually performed by a human, offering no real benefit at all."
His overarching message was clear: "you actually need to reimagine processes when leveraging new technologies, simply automating existing processes isn’t enough”. Drawing parallels from history, Stephen also discussed how early adopters of electricity in factories initially saw minimal productivity improvements because all they did was replace steam engines with electric motors without rethinking the factory layout. "It was only when they reimagined the entire production process that they achieved significant productivity gains leading to the industrial revolution". These historical examples serve as valuable lessons for us as we collectively look to digitally transform our own industry.
The role of artificial intelligence (AI) in digital transformation
As AI continues to play a larger role in business operations, there is a need to deeply consider how to integrate it safely and effectively. Unlocking its true potential lies in reimagining how it can be leveraged within these processes.
While many AI projects are still in the proof-of-concept stage and have yet to deliver significant results, Stephen said "As we develop, AI will augment what is a very human business”. For example, Dai-ichi’s current development in Japan of the “Digital Buddy”—an AI tool, aims to enhance conversations between sales agents and customers. This tool helps address knowledge gaps and improve customer interactions by enhancing human capabilities rather than replacing them.
Despite the vast potential, Stephen cautions that to fully realise the benefits of AI, you need to invest in talent development and make sure employees understand how to use AI tools effectively. This includes rethinking existing processes and business models to align with the AI capabilities.
Strengthening partnerships for global collaboration
To complement these efforts, Hinesh discussed the role of partnerships in driving digital transformation, emphasising that building strong partnerships is essential for digital transformation success. “We need to work closely with partners to address common challenges and opportunities and embrace this collaborative approach if we want to stay ahead in a rapidly evolving industry."
"There is value in having our engineers and product people work with our partners to gain a deeper understanding of day-to-day problems and opportunities", Hinesh said. “This approach allows our teams to accelerate time to value with technology and innovative solutions for our partners," he concluded.
Global collaboration and digital trust
Stephen echoed Hinesh's sentiments on the importance of collaboration, emphasising the need for global teams to work together more closely. "Sharing technology and best practices across regions can drive efficiency and innovation". For instance, tools and solutions developed in one market can be adapted and implemented in others, creating a more cohesive and collaborative operation.
In addition, Stephen and Hinesh both discussed the importance of digital trust and cybersecurity. "Balancing innovation with data protection is essential" ensuring that customer data is secure and appropriately used. By proactively communicating cybersecurity measures, companies can build trust with customers and position themselves as reliable partners in the digital age.