Athina suggested that insurance organizations can Insurers should be considering how they can tap into external move towards a cognitive insurance platform through data ecosystems and sources, as well as securely share their a five-step journey: data with other parties. A platform that centralizes AI and data • Reimagined intelligent processes: Processes in the front- capabilities is an indispensable asset. Insurance organizations should be looking at how they can embed data and AI into their office and back-office need to be reengineered to be more business processes. agile and more responsive to external signals. Athina stressed that rapid adaptation is more important in • Experience-centricity: Employee and customer experiences this journey than perfection. It is possible to design new should be redesigned to be more personalized and digital. processes and experiences within the space of six weeks. • Cloud-native capabilities: Technology infrastructure should From there, the organization could rapidly launch proofs of be shifted to the cloud to enable AI and data capabilities as well concept and minimal viable products to put solutions to the as to release funds from legacy investment. test. APIs and ecosystem partnerships, meanwhile, enable rapid scaling. • Ecosystem partnerships: The organization can access new capabilities through partnerships with technology companies, universities, startups and other members of the ecosystem. • Open APIs and data ecosystems: Insurers can use APIs and microservices to connect with partners in a manner that does not require them to constantly reshape architecture and business processes. AN INNOVATION AGENDA FOR THE COVID-19 ERA 17