"“When you boil it down, there are really three things that if you get right, you’ve just multiplied your chance of success.”
Markus Berger-de León Digital Partner, Berlin McKinsey Blog
- Build a next-gen operating model
- Upend the culture
- Recruit digitally savvy talent
- To which I would add - Digitally committed CEO essential
Results have shown the importance of "build a platform using off-the-shelf components rather than the costly, time-consuming commercial software typically used by insurance companies".
You do not have the time to replace today's core systems and have to employ an army of consultants and developers to optimise the end result. Not to mention the high upfront costs.
Now is is the time for action but an IBM report suggests that is far from most insurance executive's minds - See"Insurance executives’ complacency could be their undoing - IBM"
This was the case with a Latin American insurance company looking to create an all-digital brand. Within 12 months, a team of agile coaches, designers, and developers from Digital McKinsey—all from start-up backgrounds—built a platform using off-the-shelf components rather than the costly, time-consuming commercial software typically used by insurance companies. “The platform of this new digital brand is a global one that can be used across all branches,” explains Francisco. The implication of this? “Being able to scale this new culture and way of working across the entire bank.”