Marsh and Legal & General are shaking things up- or at least appointed Chief Data Officers from outside the industry to do just that. Carriers and Brokers are playing with digital transformation but too often the result is isolated islands of digitilisation in a sea of analogue complacency.

Most carriers and many brokers have

  • Digital Factories
  • Separate skunk teams
  • New Digital Ventures

To what effect?

The analogue resistance in Fraud teams, Claims Teams, Operations, Central IT, Product Marketing, Commercial Heads of Business has blunted too many digital initiatives. 

Barriers to new entrants have given insurers protection from upstarts like Lemonade but times have changed-

  • Capital is freely available everywhere.
  • Digital Platforms can be wrapped around legacy core systems and be deployed in months, even weeks
  • Lead times from FNOL to settlement are shrinking
  • Customers and claimants are used to other industries delivering perfection now and not weeks and months away

No wonder some CEO's have had enough and looked for outside industry experience to shake up complacent analogue teams.

If this proves too hard there is always a case for splitting carriers or brokers into two halves-

See "Insurance- a game of two halves?"

But that does seem the compromise path; Marsh and Legal & General for two have both taken the bull by the horns by appointing Chief Digital Officers from outside to shake things up. 

Time for you to do the same?