This next generation of technologies was predicated on open systems and architectures. It had great potential and enabled a whole new spectrum of electronic business activities, or e-business. The Internet ushered in a new era in which competitive advantage would be defined by an organization's ability to share information . The days of hoarding data were gone, and the insurance industry's technology tradition was challenged. What Insurers Must Do Business strategy that focuses on the customer requires delivering products and services in a convenient format, at a convenient time, in a convenient place.
Technology is the cornerstone of integration of customer information.
Enterprise integration is nothing new to insurers. For decades, insurers have integrated data across the enterprise, sometimes manually, to represent such information as geographic risk exposure. The arrival of the empowered consumer means that insurers now must integrate information for marketing purposes. Core competencies may no longer include system development. In the future, insurers will have to compete on a cost basis with banks, an industry that long ago recognized the benefits and potential savings of packaged systems .