Digital insurance expert Entsia has listed key considerations when undertaking a tech transformation which it says will allow businesses to stay “agile and scalable” as competition escalates.

Entsia CEO Alistair McElligott and ANZ Associate Partner Head of Insurance ANZ Jason Koehn shared their "digital smarts” at a Digital Transformation Summit in Sydney earlier this month.

Entsia, which provides distribution, policy claims and credit control solutions via its end-to-end digital platform, lists the following common approaches to successful digital transformations:

1. Be blinded by the vision: Successful projects have clarity of vision, a ruthless application to it and a driven team that pushes it forward
2. Start with a blank sheet of paper: Migration is not transformation. Start from scratch instead of doing the same thing and expecting different results
3. Focus on being future proof: Know that one size doesn’t fit all and one system won’t solve everything. Look for solutions that are best in class, scalable and proven
4. Integrate your vendors into your team: True team integration leads to improved efficiencies, stronger ideas and a ‘one team’ focus
5. Be curious to evolve and innovate: Transformation doesn’t have an end date, invest in long term evolution and innovation
6. Know both strengths and weakness when you invest in vendor software to find the right solutions
7. Implement pragmatic thinking and agility: Logic delivers greater benefits
8. When assessing partners and suppliers, focus not on size but CREED: Credentials, References, Experience, Expertise, Domain knowledge
9. Have an appetite for risk: What is your willingness to co-invest in the development of functionality not available out of the box? Do you want to bring 30 years of legacy to your digital transformation?