The successful first movers in digital transformation will win the majority of sector profits.
So keep an eye on the insurers that are recruiting Chief Data Officers from outside the industry to shake things up. Especially when combined with "Digital Centres of Excellence".
Legal & General join major insurers like Allianz, Munich Re, DLG in this commitment to digital transformation. Whilst there is talk of Digital Giants threatening to undermine incumbent insurers you can see the insurance innovators not lying down and succumbing to such disruption.
After years of talking the talk, some insurers are starting to walk the digital transformation walk!
Legal & General general insurance chief executive Cheryl Agius said: “The insurance market needs to change the way they interact with customers using digital technology and smart data. Customers are not buying technology. Customers are looking for solutions that make their life better.” Insurers must follow in the footsteps of the retail, media and music industries, according to Agius, as consumers are already used to digital interaction. She continued, “The insurance industry needs to keep up with the same pace we have seen technology transform lives in retail, media and music. We aim to use our available data and new technology to play a major role in shaping the future of the insurance industry and prove how we can make life easier, simpler and safer for our customers.”