What are the barriers for DIGITAL TRANSFORMATION?

The profound problem is the executive management don’t have a clear view of the environment and challenges ahead of the insurance industry:

• The future is far away from daily operations, costs, claims, loss ratios, investments, reinsurance, etc.

• It’s VERY complex

• Seems far away, but in reality around the corner (given the tech development speed)

• Most likely won't have the team to ‘deal with it’ (whatever that means) It requires investments with uncertain RoIs

And when they don’t know they don’t make any new decisions

How do we get change and future development on the management agenda?

• Educate top management (which is difficult as they’re busy and most likely won’t see the need for change)

• Create your own internal education program, a bite-sized introduction to the changing world; present relevant information about other insurers frequently but in small bites

• Find negative examples of ‘what went wrong’ for other insurers

• Identify allies in the organization to team up with and enroll them in your education program :)

• Find smaller projects that can be done with a positive return on investment and start with them, making sure they’re all part of a potential larger transformation

At the end of the day, it’s all about assembling the right team to deal with building the insurer of the future - with the right team in place, convincing top executives about the need for change is easier

The right team can be recruited internally by using the above techniques - ‘get them over to your side’