My thanks to Anthony O’Donnell at Insurance & Technology for capturing our recent conversation in a great new article on our 8 Ways Insurance CIOs Can Maximize Success. The 8 Ways are distilled from a range of our work on CIO Best Practices. Here they are, from the article:
1. Focus on the Business: Always keep your focus on business-enabled IT capability rather than on the underlying technology of how those capabilities are delivered. Use the best tool for the job.
2. Execution is Fundamental: Strong project management is essential for building the faith in IT of the business organization. Don’t neglect proactive communication on project status and anticipated problems.
3. Embrace Agile Development: Insurance CIOs should embrace the Agile development methodology not because it’s cool, but because it leads to closer business/IT collaboration.
4. Reverse Engineer Analytics Initiatives from Business Goals: In any data/analytics project, start with an anticipated business outcome and work backwards. What will change if there is better data?
5. Distinguish Partners from Suppliers: Be sure you know which vendors are suppliers and which are partners, and treat them accordingly.
6. Under the True Costs of Outsourcing: Understand whether you are outsourcing for cost or for capabilities. If it’s for cost, make sure you understand the whole picture, and that you have implemented adequate measures to ensure acceptable quality.
7. Tap Virtualization and Private Cloud Synergies: Think about how to leverage your virtualization investments in a private cloud environment.
8. Invest in Your People: Make sure that they have an understanding of the impact they have on the business and reward their contributions.