Karen Monks at Celent likens insurers' closed blocks to nuclear waste. She believes many organizations are delaying dealing with the problem, despite the cost of doing nothing being very high.
The cost of doing nothing is maybe the most deadly type of economic friction known to humankind. You can't see it, touch it, hear it or smell it. Yet it poisons your future.
How can we make doing-nothing costs more visible? Maybe organizations should install prominent counters that show, in real time, the value being needlessly lost by zombie lines of business. While they're at it, they could install some dials showing the second-by-second losses accruing from ill-fitting processes, misaligned interfaces and proprietary standards.
In mid-towm New York City, there is a national debt counter that has been climbing for many years. Few pay attention to it. I suppose they can't see relevance to their personal situation, unlike other nations in the news today. ACORD is working on metrics to assist members when planning for using industry standards. But maybe we should try to measure the cost of doing nothing instead. Celent
Comments