Optimism grows – but disruption remains
Insurance CEOs continue to report that theirs is one of the most disrupted industries. However, their mood is increasingly positive.
Among the many reasons for the positive outlook is that the anticipated disruption from incoming competitors hasn’t materialised to the extent that was feared.
But, having perhaps overestimated the impact of outside threats and short-term disruption in the past, could insurers now be underestimating the urgent need to become digitally-enabled, customer-focused organizations with flexible business and operating models?
Up to speed?
More insurance CEOs are concerned about the pace of technological change (85%) than leaders in almost any other industry. Technological advances are changing business and operating models, which is challenging to an industry that’s accustomed to slow evolution rather than rapid transformation.
Getting up to speed demands a clear strategy and roadmap for decommissioning legacy systems, accelerating automation, and laying the platform for the next wave of transformation.
Keeping pace demands a readiness to bring innovation out of the fringes and into the mainstream of the organisation. It also requires a willingness to experiment and even fail, albeit fail fast and move on.