"What is the source of business transformation? Technology? Changing processes? Leadership? Innovation?
It can be all of the above. Sometimes just one component can precipitate positive transformation and at other times a combination is required."
Lou Lwin in Raconteur July 2nd 2018
In cellular biology, transformation is a process that results from a cell’s “competence” – it’s ability to change, whether that occurs naturally or is artificially induced. Applying this analogy to digital transformation, we need to know what our competencies are and when they need to be augmented.
Lou Lwin shows how MarkerStudy applies this to digitally transforming insurance- in particular reducing fraud and tackling customer churn.
Exploiting technology, augmenting human intelligence and a healthy dose of algorithms.
We found that by removing complexity we could focus properly on digital transformation. Once we had created this space we first focused on big data with the aim of finding applications that would prove the value. One early project using big data analytics allowed us to make phenomenal financial improvements by detecting, at the point we were quoting for insurance business online, the possibility that a customer would commit fraud. Using gathered anonymised data, we could provide artificial competence and automated insight that allowed us to write only the business we wanted to accept risk on. Our next step was applying machine learning algorithms to the other end of our business, customer retention.