"...does digital transformation stand on its own as a business initiative, or is it simply one other activity that comprises a firm’s efforts to maintain or grow competitive advantage?"
Patrick Kelehan Daily Fintech May 2nd 2019
Kelehan goes on to discuss this in some depth and adds two frameworks from digital transformation practitioners. He has also shown how insurers must view insurtech and transformation from the view of the whole enterprise and the customer in "InsurTech adherents must see- the Elephant is insurance".
Paul Stanley CEO of 360Globalnet answers the same questions from the Insurance Claims Perspective- see The Worldwide Claims Market. As most customers main direct point of contact with an insurer is when making a claim it makes sense to look at digital transformation through a claims lens.
Digital transformation is not just about technology as I discuss in , you guessed it, Digital Transformation Is Not About Technology.
Vision, leadership, strategy, culture and the ability to explain why it is important are essential. Too often I feel that the "WHY" is not answered and replaced with a reason based on "well everyone else is doing it".
That is not a reason for knowing why and explaining this in the vision and strategy. A compelling reason is that customers expect it and so by applying a laser-like focus on the customer you are likely to get it right.
Patrick provides a practical guide to the questions that should be asked and the answers to seek and apply
Digital transformation is as fashionable a concept as is InsurTech, and needs to be approached within business context. There is no question that if transformation is undertaken prudent businesses should follow a framework as suggested by Messrs. Marous and Fuentes. But before jumping into the fashionable approach, is any transformation being undertaken as a standalone concept, or as part of a firm’s competitive or growth strategy? Have to consider the entire beast, not just one facet or part. And as my fine colleague who knows of such things, Karl Heinz Passler, states, Stop Confusing InsurTech With Digitalisation. Digital transformation makes sense where it makes sense, and when undertaken, it makes sense to consider what all the organization’s stakeholders need.
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