Insuring the future: Santalucía's digital transformation
In the fall of 2022, Rubén Muñoz, general manager of technology and operations at Santalucía, together with CIO Sergio Bernabé was preparing for a meeting with the board of directors. The board had to give final approval to the deployment of the new core software (insurance core system) that would support practically all the insurance group's operations. The deployment was being prepared by management of the Systems Department and general management of the Business Area. It was a complex, large-scale project, and the board had to approve a budget of ?60 million.
Modernizing the core was one of many enabling projects that Santalucía was carrying out as part of its digital transformation plan, approved in 2019, which aimed to take advantage of the data being generated in all parts of the organization and extract insights that would be useful to its business areas.
The case presents all the operational, organizational, and cultural changes carried out by Santalucía within the framework of this digital transformation, illustrating the complexity and multiple dimensions of such a transformation and the need to constantly balance BAU needs against the need to innovate and generate new business models in a changing environment. How could they transform Santalucía while maintaining the current business and good profitability? And how could they make the organization capable of continuous innovation and change?
Modernizing the core was one of many enabling projects that Santalucía was carrying out as part of its digital transformation plan, approved in 2019, which aimed to take advantage of the data being generated in all parts of the organization and extract insights that would be useful to its business areas.
The case presents all the operational, organizational, and cultural changes carried out by Santalucía within the framework of this digital transformation, illustrating the complexity and multiple dimensions of such a transformation and the need to constantly balance BAU needs against the need to innovate and generate new business models in a changing environment. How could they transform Santalucía while maintaining the current business and good profitability? And how could they make the organization capable of continuous innovation and change?
Collection: IESE (España)
Ref: OIT-12-E
Format: PDF
Number of pages: 25
Publication Date: Oct 31, 2023
What material is included in this case:
Description
In the fall of 2022, Rubén Muñoz, general manager of technology and operations at Santalucía, together with CIO Sergio Bernabé was preparing for a meeting with the board of directors. The board had to give final approval to the deployment of the new core software (insurance core system) that would support practically all the insurance group's operations. The deployment was being prepared by management of the Systems Department and general management of the Business Area. It was a complex, large-scale project, and the board had to approve a budget of ?60 million.
Modernizing the core was one of many enabling projects that Santalucía was carrying out as part of its digital transformation plan, approved in 2019, which aimed to take advantage of the data being generated in all parts of the organization and extract insights that would be useful to its business areas.
The case presents all the operational, organizational, and cultural changes carried out by Santalucía within the framework of this digital transformation, illustrating the complexity and multiple dimensions of such a transformation and the need to constantly balance BAU needs against the need to innovate and generate new business models in a changing environment. How could they transform Santalucía while maintaining the current business and good profitability? And how could they make the organization capable of continuous innovation and change?
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Modernizing the core was one of many enabling projects that Santalucía was carrying out as part of its digital transformation plan, approved in 2019, which aimed to take advantage of the data being generated in all parts of the organization and extract insights that would be useful to its business areas.
The case presents all the operational, organizational, and cultural changes carried out by Santalucía within the framework of this digital transformation, illustrating the complexity and multiple dimensions of such a transformation and the need to constantly balance BAU needs against the need to innovate and generate new business models in a changing environment. How could they transform Santalucía while maintaining the current business and good profitability? And how could they make the organization capable of continuous innovation and change?
Geographic Setting: Spain
Industry Setting: Insurance and Security
Learning Objective
The case presents the challenges and key decisions that a company with a mature, well-established business model faces when it undertakes a digital transformation. The challenges facing Santalucía include the following:
- Developing a data governance framework to ensure that data is accurate, available and usable.
- Developing an organizational structure with data in mind, taking into account issues such as data access (centralized or federated structures) and where in the organization data science and analytics capabilities will be located.
- Developing a data strategy (offensive/defensive) and equipping the company with appropriate capabilities to execute that strategy.
- Acquiring the internal capabilities needed to successfully carry out the transformation, in terms of knowledge acquisition and management, and as regards new tools and technological infrastructure.
- Working out how to integrate existing business structures-particularly in a business like insurance that operates based on numerous well-established procedures- with new innovations and digital structures.
- Developing a data governance framework to ensure that data is accurate, available and usable.
- Developing an organizational structure with data in mind, taking into account issues such as data access (centralized or federated structures) and where in the organization data science and analytics capabilities will be located.
- Developing a data strategy (offensive/defensive) and equipping the company with appropriate capabilities to execute that strategy.
- Acquiring the internal capabilities needed to successfully carry out the transformation, in terms of knowledge acquisition and management, and as regards new tools and technological infrastructure.
- Working out how to integrate existing business structures-particularly in a business like insurance that operates based on numerous well-established procedures- with new innovations and digital structures.
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