Trying to digitally transform insurance claims is sometimes described as trying to run whilst in a swamp.
Paul Stanley CEO of 360Globalnet has a vivid description which is nearer the truth for far too many insurers- the constraints of legacy systems are like being stuck fast in concrete!
- Unable to move, never mind move fast.
- Unable to escape the sequential processing nature of legacy systems of record
- Stuck in highly structured work flows and processes; fine for motor maybe but hopeless for Home and Contents
- Unable to extend to supply chain and brokers.
- Stuck in a silo whilst competitors run free
See what he has to say about escaping that fate whilst also enjoying an episode of Peppa Pig with its own concrete story .
McKinsey’s Three Horizon’s Innovation defined innovation for years but shock horror; we don’t agree with them and have a better model for our clients! Let’s see what they say and consider a more efficient response: - Horizon 1 ideas provide continuous innovation to a company’s existing business model and core capabilities in the short-term.Horizon 2 ideas extend a company’s existing business model and core capabilities to new customers, markets, or targets.Horizon 3 is the creation of new capabilities and new business to take advantage of or respond to disruptive opportunities or to counter disruption. Insurers are often forced to act as if Horizon 3 takes 36 to 72 months whilst the truth is that it can take just weeks. This demands self-configurable digital platforms which turn the three Horizons model upside down.
https://www.360globalnet.com/en/news/legacy-core-systems-like-being-stuck-in-concrete
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