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Monday, November 16th
By Leslie Werstein Hann
That may seem obvious, but the rush to get on the Internet often becomes the end in itself. Tillinghast conducted an informal survey of people who are responsible for the electronic commerce initiatives of 31 insurance companies. The top two challenges they face in developing an Internet strategy are identifying a business purpose and knowing how to align the Internet with that business purpose, Steckler said. Steckler spoke Monday at "Fulfilling the e-Promise," A.M. Best Co.'s annual Insurance Information Management Conference in Boston. While 93% of respondents judged their Internet strategy a success, far fewer considered it a financial success. Only half the respondents answered the question, and only 61% of them said it was somewhat successful from a financial perspective. Although insurers are making attempts to develop strategic plans, they are struggling with identifying a clear business purpose or making certain that the technology is aligned with those business goals, he said. Decisions for what to do on the Internet should be based on "best value," Steckler said, which means not all good ideas should be implemented. |
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-- Dennis Steckler,
Tillinghast Towers-Perrin
Determining business objectives must be the first step in
developing an Internet strategy, according to Dennis Steckler, the insurance
technology initiative leader for Tillinghast-Towers Perrin's property/casualty
practice.