Cannot be repeated often enough- "Solutions need to be driven by business and customer needs."
Too many insurtechs and too many transformational projects are not addressing customer and business needs. Too many do not combine both customer and adjuster + colleague needs.
I was in the Shard London recently looking down at the gleaming new London Bridge railway station. A CTO pointed out that the critical success factor was not the technology but "maintaining the current business of getting millions of passengers into and out of London every day whilst in parallel rebuilding and modernising one of the busiest rail terminals in the world".
Insurers must achieve the same so with world-leading: -
- Vision, strategy, leadership and culture
- Change management, HR and operations expertise
- Engagement and commitment across, up and down and everywhere in the organisation and its supply chain.
Technology is the underlying digital platform to support the goals, deployment and future success. See more about his in "Are you digital claims goals ambitious enough?"
Solutions need to be driven by business and customer needs. If our priority is servicing our clients in the best possible way, then we need to decompose that problem statement and focus on solutions that can address it (technological, process related, or both). Due to rapid expansion of the InsurTech ecosystem, it is easy nowadays to fall in love with technologies, but we might not be solving for our core priorities. From our experience, what tends to happen, if we don’t start with the problem and focus on it, is that solutions start becoming more inwards oriented, i.e. benefit and value the organisation while leaving the customers as a second priority.