Insurer RSA has announced plans to recruit a chief digital officer (CDO) for each of the company's regions, after first installing a new group CDO to work under group chief information officer Darren Price.
RSA has been without an overarching CDO since Ian Hood left in 2015. Price explained that the company didn't want to rush to replace Hood, but to wait for the right candidate to appear.
"The group always wanted to attract a top quality CDO. We wanted to ensure we got the right person, and not rush it, so it's taken a lot of time," he said.
Price has run the digital agenda himself in the interim. "We've done a lot of work around our strategic view of how we build digital capability long-term. Digital is at the forefront of the business mindset," he said.
Price explained that the digital agenda for RSA is about transforming workflows to deliver better outcomes to customers, for instance enabling online self-service externally and providing a single view of the customer internally.
It also enables more innovation, he added, such as being able to provide new insurance products to support driverless cars, and on-board telemetry so that safe drivers pay lower premiums.
"These telematics solutions, and analysis of the data that comes out of them, will transform our motoring products. We can now develop a policy around the specific behaviour of the driver," said Price.
"Data analysis allows you to produce a product that rewards good driving. Especially for young drivers, this can be transformational. It has as much chance of reducing the cost of the policy as increasing it."
He also explained that the insurance sector needs to evolve more to use big data.
"We could use data from social media to better target and segment customers and products. There's more work to do, and we're hoping that a CDO will give us more focus in defining that agenda," he said.
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