Kott Sivakumar, SVP and Head of Enterprise IT at ValueMomentum

Today more than ever insurance CIOs are being called upon not only to represent at the board but also drive important initiatives and drive strategic growth for the company and position the company for competitive advantage. While they have a lot of tools like Internet of Things, GenAI, virtual reality, they also have a ton of legacy technology debt and they have huge cost pressures to manage their run efficiently and this is one of the reasons why thinking at enterprise IT level is so important.

So how should insurance CIOs go about executing at an enterprise IT level? They need to be able to define architectures that are resilient, that are change-proof, growth-friendly and aligns with their business strategies. They need to be able to run their portfolios efficiently, put their systems on a continuous improvement path and they have to keep it at the current technology levels that reduce the technical debt.

They need to improve their speed to market capabilities by taking a platform approach, improving developer productivity, designing systems and processes that are at an enterprise level and considering their partner and customer personas so they can present a one-company approach to their partners.

They need to look at their security posture. They need to protect their environment, make sure that the systems are self-healing. And more importantly they need to break down the data silos to get a enterprise and unified view of risk for their underwriters and their claims professionals and be able to deploy some of the artificial intelligence and growing emerging technologies to gain deeper insights so that they can manage the risk holistically.