- How will digital transformation affect my industry and business?
- How fast will it happen?
- Is my organization ready for the digital transformation?
- What are the essential next steps needed to redefine my company’s role in the digital world of tomorrow?
Why is it important? Because the insurers that do this effectively across multiple geographies and product/service portfolios will be the ones that win the major slice of profits. Need proof?
Here are three simple questions to see how mature your digital approach is. Is your strategy to:-
- Automate and reduce costs?
- Improve customer experience and decision making?
- Fundamentally transform processes, customer experiences and products?
If its 1) or 2) you are behind the curve. If 3 good, but do it faster and better as some insurers are ahead of the curve and there is only space for 3 or 4 digital leaders and the rest must scrabble for a limited profit pool.
All is not lost however. The excellent article below details 20 key steps to digital, organisational and cultural transformation .
And there is a mature and innovative Insurance PaaS that gets round the problem of inflexible and complex legacy systems.
There are a number of things that don’t have to do with technical innovations that are going to make the process more complicated. That’s not to say that creating the proper infrastructure to accommodate the rapid pace of development is not going to be a major issue in and of itself. But a number of key factors in implementing digital solutions are related to people. And while is relatively easy to change and adapt to new technology, people are not. Many global companies start to realize their business will be mostly digital within the coming years, but not many are really interested in dealing with the digital transformation.