Digital Transformation —

Four Pillars to Build a Successful Future

 

See how our client invested in top technology but asked for MCA’s assistance to leverage

people, process, and data to help get their vision off the ground. 

 

Who Needs Digital Transformation? And how do you achieve it?

Digital transformation is revolutionizing the way companies are doing business. And it’s no longer something that is simply nice to have—it’s become a necessity for mutuals to remain competitive and thrive. That said, digital transformation is not achieved by merely investing in new or updated technology. 

Technology firms are incredibly skilled marketers of their products’ capabilities; however, they often lack the industry-specific expertise needed to integrate them and reach their client’s desired outcome. The capabilities of the tools are impressive, however, without the proper understanding, integration, education, and application of a tool, the technology can greatly underperform for a mutual.  

 

Client’s Situation 

Our client had a vision for creating centralized, self-service analytics for their ongoing reporting needs. They invested in Business Intelligence (“BI”) technology, identified a use-case, and allocated resources; it seemed they had everything required to execute and were ready to deploy. In time, they discovered the complexity involved in the implementation of the tool, and they eventually decided they could not determine how to effectively leverage the powerful technology in which they had invested. Without assistance, they were unable to fully capitalize on the technology, and results did not meet their reporting needs. Ultimately the technology was underused and put on the back burner. 

 

The MCA Way – Speaking the Language

In order to derive the full value of the technology investment, the client engaged MCA. As insurance people, we understand our mutual clients’ language, industry, and business problems—and have expertise in data, analytics, and the implementation of technology solutions like the one the client had purchased. 

Working alongside our client, we developed a customized, three-phase approach. First, we worked with their IT team to properly configure the BI technology software. Leveraging the client’s existing license structure, we methodically guided the client through setting up the Development, Test, and Production environments according to best practice. Following that, we worked with the client to deeply understand their business problems; we listened intently and learned what they wanted to know and needed to communicate in their dashboard. For the final phase, the report was distributed to the client’s business leaders, thereby empowering them to make business decisions based on facts, not intuition. MCA ensured the tool was accurate and relevant, and we are partnering with the business leaders to assist with tool adoption and with any change-management that is required as a result of their data outcomes.

 

Client Outcomes — Transformation Success

MCA created a structured approach to implementing the client’s investment in the technology. 

With MCA’s assistance, the client:

  • Successfully stood up the infrastructure needed to operationalize the tool
  • Enabled self-service analytics by:
    • Clearly defining and standardizing the data used for analytics
    • Including interactivity and guided analytics, allowing the end-users to explore the data for insights
    • Automating processes to maintain relevancy while reducing key person dependencies and manual intervention
  • Leveraged the tool’s native capabilities for sharing and distributing analysis across the organization

   Hypothetical Tableau Dashboard. Fictitious data for illustrative purposes only. 

 

Our client’s feedback on the outcomes of our collaboration thus far has been rewardingly positive. Their forward-thinking investment in the technology has been validated, and they have come to realize the deeper capabilities of the software that they may explore in the future. The client’s new dashboard built with MCA contains all the information they need monthly, and MCA is working on auto-update capabilities in order for it to refresh live. In addition, the client is finding the great value in the customizable hover-over capabilities for users to explore the data more deeply rather than viewing a static report. These hover-over charts are part of the interactivity, visual analytics capabilities, and Business Intelligence that MCA knows can help our clients delve deeper to make more informed business decisions. 

 

Don’t Go It Alone — Digital Transformation Requires Coordinated Efforts 

MCA understands that effective digital transformation is comprised of a critical combination of four pillars: People, Process, Technology, and Data. 

MCA partners with mutual insurance carriers because we have decades of experience in the ongoing performance and management of the insurance industry. We have real-world expertise leveraging technology to achieve results, and we combine our technical and business acumen to help clients maximize their investment in digital transformation. We bridge the gap between IT and Business teams because we speak both of their languages. 

Today’s business environment is rapidly changing, and new technology is constantly emerging. Business Intelligence is a comprehensive collection of the processes, tools, and methods of collecting, storing, and analyzing data in order to make data-driven decisions. Mutual Capital Analytics is a trusted advisor with industry experience, and we help mutual clients accelerate usage and adoption of Business Intelligence in their organizations to improve business performance.