For EMC, a 112-year-old mutual insurance company, digital transformation has been a significant driving force behind its ongoing innovation. Its digital transformation, encompassed changes in technology, people, business models, and processes to enhance interactions with digital assets. The primary goal of this transformation is to improve business processes, create new experiences, and provide exceptional customer service. While technology plays a crucial role, EMC acknowledges the importance of focusing on people, relationships, and challenging existing business models to achieve success.
EMC’s technology transformation is categorised into three main programmes. The first programme, CoreConnect, aims to replace core platforms such as policy building, claims, and portals. EMC has adopted the Guidewire platform, leveraging its cloud-first instance advantage. The second programme, EdgeConnect, focuses on transforming non-core platforms and support systems, aiming to reduce the reliance on legacy systems such as Mapper and COBOL. Finally, the CloudConnect programme facilitates the migration of EMC’s data centres to the cloud, adopting a cloud-first approach and leveraging the capabilities of AWS.
EMC’s technology transformation journey has been facilitated by partnering with various insurtech companies. Guidewire, among others, provides the company with an extensive ecosystem of insurtech partners that support and extend the services offered by these platforms. Leveraging these partnerships, EMC has been able to adopt innovative solutions, enhance its operational capabilities, and provide better experiences to policyholders.
EMC attributes its successful transformation to three essential elements: insourcing strategy, data utilisation, and scale. The company capitalises on its deep insurance knowledge and invests in upskilling and reskilling its team members. While outsourcing partners are used strategically, EMC places a strong emphasis on developing in-house talent. The insurer has also implemented an enterprise data warehouse solution, empowering data-driven decision-making and streamlining transformation processes. Finally, EMC’s ability to scale its transformation efforts rapidly over the past three years has been instrumental in driving innovation and achieving significant milestones.
EMC’s digital transformation initiatives have proven to be the catalyst for innovation and future success. By adopting modern technologies, prioritising people and relationships, and challenging existing business models, the company has transformed its operations and enhanced its competitive edge. The strategic partnerships with insurtech companies have further strengthened EMC’s position in the market, enabling it to provide exceptional experiences to its stakeholders. As EMC continues its transformative journey, its focus on insourcing, data utilisation, and scaling its efforts will be key to sustaining its innovation and growth in the insurance industry.
