Culture is a key success factor and differentiator but that's not all. The largest capability gaps between leaders and average insures are: -
- Process re-imagination
- Data & Analytics
- Technology Investment
- Digital Vision
- Digital Metrics
The smallest gaps seem to question the chart's title though: -
- Digital Talent
- Digital Team
- Digital Skills
- Change Management
This chimes with my experience; too many insurers leap into digital projects without having the vision, strategy or commitment from CEO & Senior Management to front-line staff to successfully digitally transform the business.
Too many insurers ignore the critical importance of Data & Analytics- see "Insurers testing new analytics frontiers face meaningful change"
Too many start digital projects without any idea of the measurable outcomes of the overall vision & strategy.
Too many blindly follow large technology vendors or smart new insurtechs in multiple and unconnected pilots and POCs.
Too many are just trying to re-invent today in a digital form.
This Everest report seems to support these views. What do you think?
Digital leaders in insurance outperform others in all digital maturity dimensions