"I get it, change is hard… but, the argument, “we are not in a financial position to prioritize” is irrelevant to the discussion of digital technology investments. Competitors aren’t waiting for your company to be in a better “financial position” before they act. Moreover, because at some point in the coming years insurers will need to replace their growing faction of retirement-age employees with a younger, more tech-savvy labor force. And in a war for the best talent, the A and B players have absolutely no desire to work on outdated systems. So, what does that mean for the future of your company?"
Jim Leftwitch - Insurance Thought Leadership July 13 2018
It means you need a world-class digital insurance platform that delivers -
- self-service claims to an Amazon quality UX
- reduced indemnity costs
- reduced operational costs
- orchestrates customers & supply chain
- Slashes claims cycle lead-times
Small and Medium Insurers also should be offered: -
- no upfront investment costs
- pay-as-you-go or subscription licensing
- configurable by business users
The last word from Jim Leftwich -
"Those insurers that ignore its call will fall further and further behind until they reach the tipping point and slowly fade away. Remember what happened to Blockbuster Video when it failed to adapt in a time of digital change. Don’t be a Blockbuster in a Netflix world."
In research results published by MIT Sloan Management Review (SMR) and Deloitte’s Digital practice, 87% of executives queried believe that digital technologies will disrupt their industries, yet only 44% felt they were adequately preparing for it. Gerald Kane, professor of information systems at the Carroll School of Management at Boston College and MIT Sloan Management Review guest editor for the Digital Business Initiative, compares insurers’ thinking about digital disruption to homeowners in disaster-prone areas who often seem caught off guard when an actual hurricane or cyclone strikes.