Benchmark your vision, strategy and plans against Ping An. The frightening thing for many insurers is that Ping An CEO Jessica Tan's biggest fear is "Not being fast enough".
Compare this with Accenture's description of Western Insurers.
"Big insurers have built their businesses on their ability to carefully weigh risks and to move with caution. Many are responding to the threat of digital disruption with such apprehension. They often remain glued to their existing core capabilities despite, perhaps, having piloted and launched a few digital initiatives."
Accenture Insurance's Managing Director Jean-Francois Gasc goes on to say:-
" Business leaders often lack growth-focused mindsets, many employees are not sure whether they are part of the organization’s long-term plans and efforts to transform legacy systems are frustratingly slow. Furthermore, plans to grow core applications and introduce new technology into the organization are frequently stymied." in INSURERS NEED TO RESPOND QUICKLY TO RISING DIGITAL DISRUPTION
With over 2.6 million claims processed from Australia to the USA and global carriers being able to deploy in months they can give Jessica Tan another thing to worry about.
Not being fast enough. There’s just so many things to do, and speed is of the essence. And what’s especially exciting about China is that you may be the best now, but if you’re not fast enough, a 70 percent solution can beat you. The market is too big and too competitive. There’s a hunger that you can see in the market. You have to have good people who are motivated, driven, who want to go out and make things happen. We have been successful, but we can’t slow down.