Synpulse USA Inc. hosts its second bi-annual summit
Synpulse USA hosts second bi-annual Insurance Enterprise Architecture summit, focusing on various IT/operational trends impacting Enterprise Architecture.
On October 26th 2015, Synpulse hosted its second bi-annual Insurance Enterprise Architecture Summit focusing on various IT/Operational trends impacting Enterprise Architecture. Synpulse believes that many Chief Enterprise Architects within the insurance and reinsurance industry have good existing platforms that simultaneously allow for the exchange of thoughts around Enterprise Architecture (EA) and forums for Chief Architects to network. The Synpulse Enterprise Architecture Summit filled this gap
The last Summit focused on technology trends with discussions on topics ranging from new revenue streams to evaluation of disrupters. Participants also discussed leveraging trends such as Internet of Things, Digitalization and Big Data Analytics. These topics are only a few of the key areas of the larger digital technology environment affecting the re/insurance business. The participants believed that technology changes, new product developments, business model transformations and regulatory mandates will create more opportunities for technologists in the re/insurance industry to innovate their organizations. Furthermore the participants all agree that the cloud will be the main place where data will be stored in the future, but cloud providers have to be managed carefully (to avoid contract lock-in and ability to export data again). Real-time data processing, FinTech and Bimodal IT were both topics that are on the radar of all companies, but mostly don’t get much attention
This Summit brought collaborative discussions, ideas and examples from the Synpulse EA community. As the discussion progressed, impact from technology disrupters varied between the insurance and reinsurance participants and varied by maturity of their Enterprise Architecture practices. All agreed that as competitors try to capture parts of the insurance value chain, coupled with limited regulations in such new technology environments, a re/insurance Enterprise Architecture will need to evolve in order to compete and meet new business strategy requirements.
Next year’s summit will take a deep dive approach to the unknowns of cyber security. It will feature in-depth presentations from subject matter experts who will share their insights and moderate the topic discussions. Main discussions around cyber security include business initiatives, compliance and risk mitigation. The discussion is expected to help determine the positioning for IT and what cyber risk insurance means for the re/insurance business. Participants will have a forum to discuss the balance between creating standards and new standards life cycles.