Reminds me of being at Hilton Hotels when digital platforms were stealing our business and margins from our analogue reservation systems and channels. There was only one successful strategy to apply- use our incumbent strengths to disrupt the digital disrupters which is what we did".
Our strengths? Capital, global hotel chain, and commitment and courage from CEO & across Hilton to transform the customer journey.
The only way we won back the initiative was to be better than all those that were stealing and threatening our margins and room reservations. How?- by digitally transforming the hotel reservation experience for travellers. Combining our own deep expertise of the market with the innovative thinking and capabilities of a technology partner- Sapient Consulting. A partner who challenged our core beliefs and ambitions.
Insurance carriers, brokers and reinsurers are in the same position today.
It takes as much effort to test, implement and deploy a wide ranging digital transformation as selecting a single use case and product. But the return will be miniscule.
There has been ample time to experiment and test the potential of technology to reimagine and transform the customer journey and experience. Carriers and Brokers cannot procrastinate longer.
A wide ranging solution is available and it's mature, scalable, deployable and affordable with good reference cases. Take just one aspect- the complete lifecycle of a claim and the responsibility of the claims director to be best in class for all customers.
See (on laptop for now) "The Claims Director" - more than just technology.
How do you settle fast like "Lemonade" whilst minimising fraud across simple and complex claims and products? See "Anti-Fraud".
How to digitally transform without throwing away the complex legacy systems inherited with acquisitions and ill-judged procurement? See "The IT Strategy"
At least you will now have a benchmark against which to judge other solutions. And a potential partner with a track record of success.
This year we have seen start-ups emerge with more sophisticated and diverse propositions that support the entire insurance value chain. Notably, there has been a move away from the skewed focus on distribution that was initially the case when InsurTech exploded onto the scene a couple of years ago.